Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• PGC shares fell below their 200-day moving average of $43.93, trading as low as $42.75 before closing at $43.38.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $56.33 target price, despite one firm downgrading the stock to “Hold.”
• The company reported quarterly EPS of $0.85, below the $0.88 estimate, while revenue exceeded expectations; it also maintained a $0.05 quarterly dividend, yielding approximately 0.5%.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report)'s share price passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $43.93 and traded as low as $42.75. Peapack-Gladstone Financial shares last traded at $43.38, with a volume of 117,250 shares traded.

Analyst Ratings Changes

Several brokerages recently commented on PGC. Keefe, Bruyette & Woods reissued a "moderate buy" rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Raymond James Financial raised their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Piper Sandler raised their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, September 21st. Finally, Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $56.33.

Peapack-Gladstone Financial Trading Down 0.1%

The firm has a 50 day simple moving average of $44.97 and a 200 day simple moving average of $43.93. The firm has a market capitalization of $769.13 million, a PE ratio of 15.06 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. The business had revenue of $86.05 million during the quarter, compared to the consensus estimate of $85.17 million. Research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is 6.94%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 2,297 shares of the firm's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Gregory Smith sold 1,250 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president directly owned 12,622 shares in the company, valued at approximately $563,698.52. The trade was a 9.01% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 5.75% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PGC. BlackRock Inc. purchased a new stake in Peapack-Gladstone Financial in the second quarter worth approximately $75,599,000. Basswood Capital Management L.L.C. bought a new stake in Peapack-Gladstone Financial in the 2nd quarter worth approximately $13,778,000. Bank of America Corp DE purchased a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $5,411,000. Empowered Funds LLC purchased a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $3,841,000. Finally, Bank of New York Mellon Corp purchased a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at $2,292,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation NASDAQ: PGC is a bank holding company headquartered in Bedminster, New Jersey. It operates primarily through Peapack-Gladstone Bank, a full-service financial institution serving individuals, families, businesses and institutions.

The bank provides commercial and retail banking services, including deposit accounts, commercial and residential lending, mortgages, cash-management services and other treasury-management solutions. It also offers wealth management services such as investment management, trust and fiduciary services, financial planning and private banking.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the New York metropolitan area, including businesses and affluent individuals in those markets.

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