Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Up – Here’s What Happened

Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) gapped up prior to trading on Wednesday . The stock had previously closed at $29.18, but opened at $29.78. Peapack-Gladstone Financial shares last traded at $29.64, with a volume of 13,118 shares traded.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods boosted their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Peapack-Gladstone Financial Stock Up 0.4 %

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The business’s fifty day moving average price is $31.68 and its 200 day moving average price is $31.81. The company has a market capitalization of $513.45 million, a P/E ratio of 15.77 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. As a group, equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy sold 20,000 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $28.91, for a total value of $578,200.00. Following the transaction, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. The trade was a 31.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $28.76, for a total transaction of $287,600.00. Following the sale, the executive vice president now directly owns 39,155 shares of the company’s stock, valued at approximately $1,126,097.80. The trade was a 20.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,633 shares of company stock valued at $1,573,124 in the last 90 days. 7.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Aquatic Capital Management LLC acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at $32,000. Albion Financial Group UT acquired a new stake in Peapack-Gladstone Financial in the 4th quarter valued at about $35,000. Point72 Asset Management L.P. raised its stake in shares of Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 1,468 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Peapack-Gladstone Financial during the fourth quarter worth approximately $112,000. Finally, Quantbot Technologies LP grew its stake in shares of Peapack-Gladstone Financial by 507.2% during the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider’s stock valued at $189,000 after purchasing an additional 4,930 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.