Peapack-Gladstone Financial (NASDAQ:PGC) Share Price Passes Above 200-Day Moving Average – What’s Next?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.38 and traded as high as $45.01. Peapack-Gladstone Financial shares last traded at $44.75, with a volume of 254,831 shares.

Analyst Upgrades and Downgrades

PGC has been the topic of several analyst reports. Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Piper Sandler upped their price objective 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. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Peapack-Gladstone Financial Stock Performance

The stock has a market cap of $792.97 million, a PE ratio of 18.04 and a beta of 0.72. The company’s 50-day moving average price is $42.17 and its 200 day moving average price is $35.38.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data 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 analysts’ expectations 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 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 firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders 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 0.4%. Peapack-Gladstone Financial’s payout ratio is currently 8.06%.

Insider Activity at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director owned 11,742 shares of the company’s stock, valued at $524,045.46. This represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.75% of the stock is currently owned by company insiders.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently bought and sold shares of PGC. Wellington Management Group LLP raised its holdings in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after buying an additional 456,828 shares during the period. Russell Investments Group Ltd. boosted its stake in Peapack-Gladstone Financial by 255.0% during the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after buying an additional 78,135 shares during the period. Millennium Management LLC boosted its stake in Peapack-Gladstone Financial by 100.8% during the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock worth $3,991,000 after buying an additional 71,932 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Peapack-Gladstone Financial during the fourth quarter valued at about $1,965,000. Finally, Walleye Capital LLC raised its stake in shares of Peapack-Gladstone Financial by 525.8% in the 4th quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after acquiring an additional 60,183 shares during the period. 72.75% of the stock is currently 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.