Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $25.88 and traded as high as $37.41. Peapack-Gladstone Financial shares last traded at $36.73, with a volume of 61,476 shares.

Wall Street Analysts Forecast Growth

PGC has been the topic of several research reports. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price objective (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Peapack-Gladstone Financial Stock Performance

The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a market cap of $649.39 million, a price-to-earnings ratio of 20.29 and a beta of 0.96. The stock has a fifty day moving average price of $29.26 and a 200 day moving average price of $25.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%. As a group, analysts predict that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.20 annualized dividend and a yield of 0.54%. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the sale, the executive vice president now owns 52,155 shares in the company, valued at $1,402,447.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 3,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 52,155 shares of the company’s stock, valued at $1,402,447.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.63% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Peapack-Gladstone Financial by 68.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 1,350 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after buying an additional 3,987 shares during the period. Algert Global LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth approximately $209,000. Sei Investments Co. bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth approximately $214,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth approximately $223,000. Institutional investors 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.