Peapack-Gladstone Financial Co. (NASDAQ:PGC - Get Free Report) shares reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $30.79 and last traded at $30.28, with a volume of 7798 shares changing hands. The stock had previously closed at $28.97.
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 during the quarter, compared to analysts' expectations of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%.
Analyst Ratings Changes
A number of research firms have recently issued reports on PGC. Piper Sandler raised Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and increased their price target for the company from $30.00 to $35.00 in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a research note on Monday, July 29th.
Get Our Latest Analysis on Peapack-Gladstone Financial
Insider Activity at Peapack-Gladstone Financial
In related news, EVP John P. Babcock sold 10,000 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.63% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in Peapack-Gladstone Financial by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider's stock worth $278,000 after buying an additional 628 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 worth $75,000 after acquiring an additional 1,350 shares during the period. SG Americas Securities LLC raised its stake in shares of Peapack-Gladstone Financial by 48.4% in the third quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider's stock valued at $278,000 after acquiring an additional 3,312 shares in the last quarter. Empowered Funds LLC boosted its holdings in Peapack-Gladstone Financial by 8.0% in the first quarter. Empowered Funds LLC now owns 51,786 shares of the financial services provider's stock valued at $1,260,000 after purchasing an additional 3,850 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in 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 purchasing an additional 3,987 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.
Peapack-Gladstone Financial Trading Up 7.7 %
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 company has a market cap of $551.62 million, a PE ratio of 16.68 and a beta of 0.99. The company has a fifty day simple moving average of $27.55 and a two-hundred day simple moving average of $24.93.
About Peapack-Gladstone Financial
(
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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.
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