Key Points
- EVP John Babcock sold 5,000 shares of Peapack-Gladstone Financial on June 29 at an average price of $47.11, for proceeds of $235,550. After the sale, he still owned 45,582 shares.
- PGC shares have been strong recently, opening at $47.33 and trading near their 52-week high of $48.31. The stock is also well above its 50-day and 200-day moving averages.
- Analysts remain constructive on the stock after recent upgrades from Zacks Research and Weiss Ratings, while Piper Sandler raised its price target to $54. The consensus rating is currently “Buy.”
Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) EVP Lisa Chalkan sold 1,100 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the transaction, the executive vice president owned 26,075 shares in the company, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Peapack-Gladstone Financial Stock Down 0.7%
Shares of Peapack-Gladstone Financial stock opened at $47.33 on Wednesday. The company has a 50 day moving average price of $43.39 and a 200 day moving average price of $36.42. The firm has a market capitalization of $838.69 million, a P/E ratio of 19.08 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 52 week low of $24.42 and a 52 week high of $48.31.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The company had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. As a group, research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.76 earnings per share for the current fiscal year.
Institutional Trading of Peapack-Gladstone Financial
Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 529 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider's stock worth $65,000 after purchasing an additional 1,164 shares during the last quarter. OP Asset Management Ltd purchased a new position in shares of Peapack-Gladstone Financial during the first quarter worth $116,000. State of Alaska Department of Revenue lifted its position in Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 3,059 shares during the period. Finally, Aquatic Capital Management LLC boosted its holdings in 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 valued at $145,000 after purchasing an additional 985 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts recently issued reports on PGC shares. Weiss Ratings raised Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 12th. Zacks Research raised Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 26th. Finally, Piper Sandler boosted their price target on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat.com, Peapack-Gladstone Financial has an average rating of "Buy" and an average price target of $47.00.
Check Out Our Latest Stock Report on Peapack-Gladstone Financial
Peapack-Gladstone Financial Company Profile
(
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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