Peapack-Gladstone Financial (NASDAQ:PGC) Hits New 52-Week High – Here’s Why

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) hit a new 52-week high during trading on Monday . The company traded as high as $40.41 and last traded at $39.38, with a volume of 134367 shares changing hands. The stock had previously closed at $39.44.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PGC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price objective on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Piper Sandler increased their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.50.

Peapack-Gladstone Financial Stock Performance

The company has a market capitalization of $698.80 million, a PE ratio of 18.85 and a beta of 0.63. The firm’s 50-day simple moving average is $35.09 and its 200-day simple moving average is $30.55. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%.The business had revenue of $77.67 million during the quarter. On average, research analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $35.59, for a total transaction of $187,630.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 5.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its position in shares of Peapack-Gladstone Financial by 431.5% in the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 3,059 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at about $116,000. Aquatic Capital Management LLC increased its stake in Peapack-Gladstone Financial by 23.1% during the 3rd 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. CWM LLC raised its stake in Peapack-Gladstone Financial by 622.5% in the 3rd quarter. CWM LLC now owns 6,596 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 5,683 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in shares of Peapack-Gladstone Financial by 68.0% in the third quarter. Quantbot Technologies LP now owns 7,381 shares of the financial services provider’s stock valued at $204,000 after buying an additional 2,987 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

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.