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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) reached a new 52-week high on Tuesday . The company traded as high as $43.85 and last traded at $43.50, with a volume of 2789 shares. The stock had previously closed at $42.96.

Analysts Set New Price Targets

PGC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Piper Sandler upped their price target on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.50.

Peapack-Gladstone Financial Trading Down 1.4%

The company has a market cap of $765.68 million, a price-to-earnings ratio of 17.42 and a beta of 0.72. The business has a fifty day moving average of $39.16 and a two-hundred day moving average of $33.31.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The business had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. On average, research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced 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 0.5%. Peapack-Gladstone Financial’s dividend payout ratio is presently 8.06%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in shares of 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 valued at $44,000 after acquiring an additional 529 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Peapack-Gladstone Financial by 431.5% during 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 purchasing an additional 3,059 shares during the last quarter. OP Asset Management Ltd acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth approximately $116,000. Finally, Aquatic Capital Management LLC boosted 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 purchasing an additional 985 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 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.