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

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $32.68 and traded as high as $43.00. Peapack-Gladstone Financial shares last traded at $42.78, with a volume of 95,999 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PGC shares. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Peapack-Gladstone Financial Stock Performance

The stock has a market cap of $758.95 million, a price-to-earnings ratio of 17.27 and a beta of 0.72. The company’s 50 day simple moving average is $38.59 and its two-hundred day simple moving average is $32.87.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.14. The firm had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. On average, equities research analysts predict that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 8.06%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Oppenheimer & Close LLC acquired a new position in shares of Peapack-Gladstone Financial during the 3rd quarter worth $1,083,000. Salzhauer Michael increased its stake 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 worth $7,498,000 after purchasing an additional 14,612 shares during the last quarter. Inceptionr LLC acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth $239,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth $638,000. Finally, OP Asset Management Ltd acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth $116,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.