Peapack-Gladstone Financial (NASDAQ:PGC) Reaches New 1-Year High – What’s Next?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) hit a new 52-week high on Friday . The stock traded as high as $44.45 and last traded at $44.17, with a volume of 13542 shares. The stock had previously closed at $43.91.

Analyst Ratings Changes

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

Peapack-Gladstone Financial Price Performance

The stock has a fifty day moving average of $40.47 and a 200 day moving average of $34.11. The stock has a market cap of $783.58 million, a price-to-earnings ratio of 17.83 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 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 analyst estimates of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. As a group, equities analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

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

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of large investors have recently bought and sold shares of PGC. Royal Bank of Canada boosted its position in Peapack-Gladstone Financial by 40.4% in the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock valued at $302,000 after buying an additional 3,070 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Peapack-Gladstone Financial by 4.1% in 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 last quarter. Empowered Funds LLC boosted its position in Peapack-Gladstone Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock valued at $1,575,000 after buying an additional 4,329 shares during the last quarter. Jane Street Group LLC boosted its position in Peapack-Gladstone Financial by 119.7% in the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock valued at $1,482,000 after buying an additional 28,428 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Peapack-Gladstone Financial by 13.9% in the second quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock valued at $449,000 after buying an additional 1,945 shares during 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.