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

Peapack-Gladstone Financial Co. (NASDAQ:PGC - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 trading hands.

Wall Street Analyst Weigh In

PGC has been the subject of a number of recent research reports. 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. Piper Sandler raised shares of Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

The firm's fifty day moving average is $29.44 and its 200-day moving average is $25.97. The company has a current ratio of 0.97, a quick ratio of 0.98 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $652.39 million, a PE ratio of 20.46 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The company had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. As a group, research analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.20 annualized dividend and a yield of 0.54%. Peapack-Gladstone Financial's dividend payout ratio is presently 11.05%.

Insider Activity

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 value of $96,870.00. Following the completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction dated 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 directly owns 52,155 shares of the company's stock, valued at $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 available at this link. Also, EVP John P. Babcock sold 3,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the transaction, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 7.63% of the company's stock.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors have recently modified their holdings of PGC. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 buying an additional 1,350 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Peapack-Gladstone Financial by 90.4% in the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider's stock valued at $204,000 after acquiring an additional 3,987 shares during the period. Algert Global LLC acquired a new position in shares of Peapack-Gladstone Financial in the 2nd quarter valued at $209,000. Sei Investments Co. purchased a new stake in Peapack-Gladstone Financial in the 2nd quarter valued at $214,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Peapack-Gladstone Financial during the 2nd quarter worth $223,000. Hedge funds and other institutional investors own 72.75% of the company's stock.

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.