Peapack-Gladstone Financial (NASDAQ:PGC) Reaches New 52-Week High - Time to Buy?

Key Points

• Shares of Peapack-Gladstone Financial hit a new 52-week high, trading as high as $39.28 and last at $39.3950 during mid-day activity with about 61,792 shares changing hands (up ~2.6%).
• Recent analyst moves include Keefe, Bruyette & Woods raising its target to $40 (outperform) and Piper Sandler to $41 (overweight), with a MarketBeat consensus of “Moderate Buy” and a consensus target of $40.50.
• Key fundamentals: market cap ~$690.8 million and PE 18.63, quarterly EPS $0.69 on $77.67M revenue with analysts forecasting ~2.71 EPS for the year; institutional ownership is high (~72.75%) while insiders have recently sold shares (EVP sold 5,272 shares).

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $39.28 and last traded at $39.3950, with a volume of 61792 shares traded. The stock had previously closed at $38.32.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PGC shares. Keefe, Bruyette & Woods upped their price target on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an "outperform" rating in a report on Monday, February 2nd. Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.50.

Peapack-Gladstone Financial Trading Up 2.6%

The stock's 50 day simple moving average is $34.71 and its 200 day simple moving average is $30.23. The firm has a market cap of $690.80 million, a PE ratio of 18.63 and a beta of 0.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. The firm had revenue of $77.67 million for the quarter. On average, sell-side analysts forecast that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $35.59, for a total transaction of $187,630.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently bought and sold shares of PGC. State of Alaska Department of Revenue increased its stake in Peapack-Gladstone Financial by 431.5% in the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock worth $104,000 after purchasing an additional 3,059 shares during the period. Aquatic Capital Management LLC boosted its stake in shares of Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock valued at $145,000 after purchasing an additional 985 shares during the period. CWM LLC grew its holdings in shares of Peapack-Gladstone Financial by 622.5% in the third quarter. CWM LLC now owns 6,596 shares of the financial services provider's stock worth $182,000 after purchasing an additional 5,683 shares during the last quarter. Quantbot Technologies LP increased its stake in shares of Peapack-Gladstone Financial by 68.0% in the third quarter. Quantbot Technologies LP now owns 7,381 shares of the financial services provider's stock worth $204,000 after buying an additional 2,987 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Peapack-Gladstone Financial in the fourth quarter worth $206,000. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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