Peapack-Gladstone Financial (NASDAQ:PGC) Reaches New 52-Week High – Still a Buy?

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

Wall Street Analyst Weigh In

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

Peapack-Gladstone Financial Price Performance

The company’s 50-day moving average is $35.26 and its two-hundred day moving average is $30.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $685.58 million, a P/E ratio of 18.49 and a beta of 0.63.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. The business had revenue of $77.67 million during the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. Sell-side analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.5 EPS for the current fiscal year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in shares of Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after acquiring an additional 456,828 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 3.0% in the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after acquiring an additional 28,489 shares during the last quarter. State Street Corp lifted its holdings in shares of Peapack-Gladstone Financial by 6.2% in the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock worth $15,302,000 after acquiring an additional 31,917 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock worth $12,605,000 after acquiring an additional 5,260 shares during the last quarter. Finally, Salzhauer Michael lifted its holdings in shares of Peapack-Gladstone Financial by 5.7% in the fourth quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock worth $7,498,000 after acquiring an additional 14,612 shares during the last quarter. 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.