Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC – Get Free Report) hit a new 52-week high during trading 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 Upgrades and Downgrades
PGC has been the subject of several research reports. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Piper Sandler raised their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, April 2nd. Three 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 company has an average rating of “Moderate Buy” and a consensus price target of $40.50.
Get Our Latest Research Report on PGC
Peapack-Gladstone Financial Stock Up 1.5%
Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report) last issued 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 company had revenue of $82.49 million during 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%. 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 8.06%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in shares of Peapack-Gladstone Financial by 73.2% in the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after buying an additional 529 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after buying an additional 3,059 shares in the last quarter. OP Asset Management Ltd acquired a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at $116,000. Finally, Aquatic Capital Management LLC increased its stake in shares of Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after buying an additional 985 shares in the last quarter. 72.75% of the stock is owned by 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.
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