Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 12-Month High After Better-Than-Expected Earnings

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s stock price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $30.79 and last traded at $30.28, with a volume of 7798 shares trading hands. The stock had previously closed at $28.97.

The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. The company had revenue of $102.14 million during the quarter, compared to the consensus estimate of $58.24 million.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $30.00 to $35.00 in a research report on Wednesday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the sale, the executive vice president now directly owns 52,155 shares in the company, valued at approximately $1,402,447.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 7.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 valued at $75,000 after purchasing an additional 1,350 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 3,987 shares during the period. Denali Advisors LLC acquired a new position in Peapack-Gladstone Financial during the first quarter worth about $204,000. Algert Global LLC acquired a new position in Peapack-Gladstone Financial during the second quarter worth about $209,000. Finally, Sei Investments Co. acquired a new position in Peapack-Gladstone Financial during the second quarter worth about $214,000. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Trading Up 7.7 %

The business has a fifty day moving average of $27.55 and a 200-day moving average of $24.93. The stock has a market capitalization of $551.62 million, a price-to-earnings ratio of 16.68 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 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.