Peapack-Gladstone Financial (NASDAQ:PGC) Sees Large Volume Increase – Should You Buy?

Peapack-Gladstone Financial Co. (NASDAQ:PGC) saw unusually-strong trading volume on Friday . Approximately 348,618 shares traded hands during trading, an increase of 259% from the previous session’s volume of 97,053 shares.The stock last traded at $35.45 and had previously closed at $35.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PGC shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

The stock has a market capitalization of $639.38 million, a PE ratio of 20.09 and a beta of 0.96. The firm’s fifty day moving average is $31.06 and its 200-day moving average is $26.69. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06. The firm had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. 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 business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 7th were issued a $0.05 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.20 annualized dividend and a yield of 0.55%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 11.05%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial 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 directly owns 49,155 shares of the company’s stock, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently bought and sold shares of PGC. Point72 Asset Management L.P. grew its position in shares of Peapack-Gladstone Financial by 157.5% during the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock worth $66,000 after buying an additional 1,468 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew 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 buying an additional 1,350 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Peapack-Gladstone Financial during the third quarter worth about $211,000. Algert Global LLC acquired a new position in shares of Peapack-Gladstone Financial during the second quarter worth about $209,000. Finally, Sei Investments Co. acquired a new position in shares of Peapack-Gladstone Financial during the second quarter worth about $214,000. 72.75% of the stock is owned by institutional investors and hedge funds.

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.