Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 1-Year High – Should You Buy?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.60 and last traded at $46.40, with a volume of 173993 shares. The stock had previously closed at $46.28.

Analyst Ratings Changes

PGC has been the subject of several research reports. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Peapack-Gladstone Financial currently has an average rating of “Moderate Buy” and an average price target of $40.50.

Peapack-Gladstone Financial Price Performance

The firm has a market capitalization of $822.21 million, a price-to-earnings ratio of 18.71 and a beta of 0.72. The business’s 50-day moving average price is $42.73 and its 200 day moving average price is $35.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The firm had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. As a group, sell-side analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the sale, the director directly owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PGC. Royal Bank of Canada increased its holdings in Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares during the last quarter. OP Asset Management Ltd purchased a new position in shares of Peapack-Gladstone Financial during the 1st quarter valued at approximately $116,000. State of Alaska Department of Revenue grew its position in shares of Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock worth $104,000 after buying an additional 3,059 shares in the last quarter. Finally, Aquatic Capital Management LLC grew its position 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 worth $145,000 after buying an additional 985 shares in the last quarter. Hedge funds and other institutional investors 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.