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

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $37.52 and traded as high as $46.64. Peapack-Gladstone Financial shares last traded at $46.31, with a volume of 192,668 shares traded.

Analyst Upgrades and Downgrades

PGC has been the topic of a number of research analyst reports. Raymond James Financial lifted their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Piper Sandler upped their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $49.67.

Peapack-Gladstone Financial Price Performance

The company’s 50 day moving average price is $44.53 and its two-hundred day moving average price is $37.52. The stock has a market capitalization of $820.61 million, a PE ratio of 18.67 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating 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 company had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Analysts forecast that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was 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 in the company, valued at $524,045.46. The trade was a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,100 shares of company stock valued at $377,170 in the last ninety days. 5.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in Peapack-Gladstone Financial by 73.2% during the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after buying an additional 529 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Peapack-Gladstone Financial by 171.9% in the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue increased its stake 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 worth $104,000 after acquiring an additional 3,059 shares during the last quarter. OP Asset Management Ltd acquired a new stake in shares of Peapack-Gladstone Financial in the 1st quarter worth $116,000. Finally, Aquatic Capital Management LLC raised its holdings in shares of 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 acquiring an additional 985 shares during the period. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.