Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price Crosses Below 200 Day Moving Average – Time to Sell?

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $29.72 and traded as low as $29.22. Peapack-Gladstone Financial shares last traded at $30.18, with a volume of 83,864 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PGC shares. Keefe, Bruyette & Woods boosted their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Up 2.1 %

The business has a 50 day moving average price of $34.53 and a 200 day moving average price of $29.72. The firm has a market capitalization of $530.72 million, a P/E ratio of 16.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. The business had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. On average, analysts predict that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Insider Activity

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now directly owns 49,155 shares in the company, valued at $1,587,214.95. This represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently added to or reduced their stakes in PGC. Point72 Asset Management L.P. grew its holdings in shares of Peapack-Gladstone Financial by 157.5% during the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 1,468 shares during the last quarter. Algert Global LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter worth about $209,000. Janus Henderson Group PLC acquired a new stake in Peapack-Gladstone Financial in the 3rd quarter valued at about $211,000. Sei Investments Co. bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth about $214,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Peapack-Gladstone Financial during the second quarter worth approximately $223,000. 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.