Peapack-Gladstone Financial (NASDAQ:PGC) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Peapack-Gladstone Financial Co. (NASDAQ:PGC) crossed 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 trading hands.

Analyst Ratings Changes

PGC has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their price target on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their target price for the company from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The company has a market cap of $530.72 million, a price-to-earnings ratio of 16.67 and a beta of 1.00. The stock has a 50 day moving average price of $34.53 and a two-hundred day moving average price of $29.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued 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. The firm had revenue of $102.14 million for the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. Analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the transaction, the executive vice president now owns 49,155 shares in the company, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 7.63% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Hedge funds have recently bought and sold shares of the stock. Algert Global LLC boosted its holdings in shares of Peapack-Gladstone Financial by 165.8% in the third quarter. Algert Global LLC now owns 24,558 shares of the financial services provider’s stock valued at $673,000 after buying an additional 15,320 shares during the period. State Street Corp boosted its stake in Peapack-Gladstone Financial by 2.4% in the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock worth $14,369,000 after purchasing an additional 12,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Peapack-Gladstone Financial by 108.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,195 shares of the financial services provider’s stock worth $718,000 after purchasing an additional 13,623 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Peapack-Gladstone Financial by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after purchasing an additional 15,667 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 45.6% in the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after purchasing an additional 30,031 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.