Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 52-Week High on Analyst Upgrade

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price reached a new 52-week high during mid-day trading on Wednesday after Raymond James Financial raised their price target on the stock from $49.00 to $55.00. Raymond James Financial currently has a strong-buy rating on the stock. Peapack-Gladstone Financial traded as high as $48.48 and last traded at $48.10, with a volume of 29086 shares. The stock had previously closed at $47.33.

A number of other analysts have also weighed in on the stock. 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. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $49.67.

Insider Activity at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director directly owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 sale, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. This represents a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,100 shares of company stock worth $377,170 in the last 90 days. 5.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Peapack-Gladstone Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after buying an additional 390 shares during the period. Azora Capital LP grew its holdings in Peapack-Gladstone Financial by 4.1% during the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 431 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Peapack-Gladstone Financial by 0.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after purchasing an additional 500 shares during the period. Rafferty Asset Management LLC increased its position in Peapack-Gladstone Financial by 3.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 16,405 shares of the financial services provider’s stock valued at $453,000 after purchasing an additional 526 shares during the period. Finally, Royal Bank of Canada raised its holdings in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 529 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

The firm’s fifty day moving average price is $43.39 and its 200 day moving average price is $36.42. The firm has a market cap of $860.84 million, a P/E ratio of 19.58 and a beta of 0.72.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. The firm had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. As a group, analysts expect that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current fiscal year.

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.