Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 1-Year High – Here’s Why

Peapack-Gladstone Financial Co. (NASDAQ:PGC) hit a new 52-week high during trading on Tuesday . The company traded as high as $30.70 and last traded at $30.70, with a volume of 20733 shares trading hands. The stock had previously closed at $29.30.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Peapack-Gladstone Financial Price Performance

The company’s 50-day moving average is $27.13 and its 200-day moving average is $24.73. The firm has a market capitalization of $544.17 million, a price-to-earnings ratio of 14.05 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. The business had revenue of $100.79 million for the quarter, compared to the consensus estimate of $56.80 million. On average, research analysts expect that Peapack-Gladstone Financial Co. will post 1.75 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the transaction, the executive vice president now owns 52,155 shares in the company, valued at approximately $1,402,447.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Peapack-Gladstone Financial by 68.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after buying an additional 1,350 shares in the last quarter. Denali Advisors LLC acquired a new position in Peapack-Gladstone Financial in the first quarter worth $204,000. BNP Paribas Financial Markets lifted its position in Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after buying an additional 3,987 shares in the last quarter. Algert Global LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter worth about $209,000. Finally, Sei Investments Co. bought a new stake in Peapack-Gladstone Financial during the 2nd quarter worth about $214,000. 72.75% of the stock is owned by institutional investors.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.