Peapack-Gladstone Financial (NASDAQ:PGC) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $37.52 and traded as high as $46.64. Peapack-Gladstone Financial shares last traded at $46.31, with a volume of 192,668 shares changing hands.

Analysts Set New Price Targets

Several brokerages have commented on PGC. Raymond James Financial boosted their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Zacks Research raised Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Piper Sandler raised their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $49.67.

Peapack-Gladstone Financial Trading Up 1.1%

The stock has a market capitalization of $822.92 million, a P/E ratio of 18.73 and a beta of 0.71. The stock’s 50-day moving average price is $44.59 and its two-hundred day moving average price is $37.64.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly 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. The firm had revenue of $82.49 million for 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%. On average, equities research analysts predict that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the transaction, the director directly owned 11,742 shares of the company’s stock, valued at $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. The trade was a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,100 shares of company stock worth $377,170 over the last 90 days. Corporate insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after buying an additional 78,135 shares during the period. Millennium Management LLC raised its stake in shares of Peapack-Gladstone Financial by 100.8% during the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after acquiring an additional 71,932 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Peapack-Gladstone Financial in the 4th quarter worth approximately $1,965,000. Finally, Walleye Capital LLC boosted its holdings in Peapack-Gladstone Financial by 525.8% in the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after acquiring an additional 60,183 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

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.