Peapack-Gladstone Financial (NASDAQ:PGC) Shares Pass Above 200 Day Moving Average – What’s Next?

by · The Cerbat Gem

Peapack-Gladstone Financial Corporation (NASDAQ:PGC – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $32.02 and traded as high as $42.12. Peapack-Gladstone Financial shares last traded at $41.97, with a volume of 84,651 shares.

Analyst Ratings Changes

PGC has been the topic of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their price target on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Finally, Piper Sandler boosted their price target on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Check Out Our Latest Research Report on PGC

Peapack-Gladstone Financial Stock Down 0.1%

The stock has a 50 day moving average of $37.27 and a 200 day moving average of $32.02. The company has a market capitalization of $743.71 million, a price-to-earnings ratio of 16.92 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. The company had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. As a group, sell-side analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Thursday, May 7th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, May 7th. Peapack-Gladstone Financial’s payout ratio is currently 8.06%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in shares of Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,164 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 3,059 shares during the period. OP Asset Management Ltd acquired a new position in shares of Peapack-Gladstone Financial in the first quarter worth approximately $116,000. Aquatic Capital Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 985 shares during the period. Finally, CWM LLC lifted its stake in shares of Peapack-Gladstone Financial by 622.5% in the third quarter. CWM LLC now owns 6,596 shares of the financial services provider’s stock worth $182,000 after acquiring an additional 5,683 shares during the period. 72.75% of the stock is owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

(Get Free Report)

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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