Peapack-Gladstone Financial (NASDAQ:PGC) Shares Pass Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Peapack-Gladstone Financial (NASDAQ: PGC) shares moved above their 200-day moving average, trading as high as $46.64 and last changing hands around $46.31.
• Analysts have turned more positive on the stock, with recent target hikes and upgrades from Piper Sandler, Raymond James, Weiss Ratings, and Zacks. The consensus rating is now Buy with an average target price of $49.67.
• The company beat its latest quarterly earnings estimates, reporting $0.80 EPS versus $0.66 expected and revenue of $82.49 million versus $79.17 million projected. Insider selling has also been notable, with directors and executives selling shares in recent months.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $37.52 and traded as high as $46.64. Peapack-Gladstone Financial shares last traded at $46.31, with a volume of 192,668 shares.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Piper Sandler lifted their target price on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 12th. Raymond James Financial raised their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded shares of Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $49.67.

Peapack-Gladstone Financial Trading Up 0.2%

The firm has a 50-day simple moving average of $44.53 and a two-hundred day simple moving average of $37.52. The company has a market capitalization of $820.61 million, a price-to-earnings ratio of 18.67 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The business had revenue of $82.49 million during the quarter, compared to analysts' expectations of $79.17 million. Equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.76 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares of the company's stock, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Salzhauer Michael grew its position in shares of Peapack-Gladstone Financial by 5.7% during the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider's stock valued at $7,498,000 after acquiring an additional 14,612 shares during the period. Greenwich Wealth Management LLC acquired a new position in Peapack-Gladstone Financial in the 4th quarter worth about $418,000. PL Capital Advisors LLC acquired a new position in Peapack-Gladstone Financial in the 4th quarter worth about $1,267,000. Azora Capital LP raised its holdings in Peapack-Gladstone Financial by 4.1% in the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider's stock worth $308,000 after purchasing an additional 431 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Peapack-Gladstone Financial by 0.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider's stock worth $1,832,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

About Peapack-Gladstone Financial

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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