Peapack-Gladstone Financial (NASDAQ:PGC) Trading Up 7.3%

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s stock price shot up 7.3% during trading on Wednesday . The company traded as high as $29.77 and last traded at $29.13. 155,150 shares were traded during trading, an increase of 59% from the average session volume of 97,505 shares. The stock had previously closed at $27.15.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Peapack-Gladstone Financial Trading Up 5.1 %

The stock’s fifty day simple moving average is $26.56 and its 200-day simple moving average is $24.15. The firm has a market cap of $506.86 million, a PE ratio of 12.31 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $100.79 million for the quarter, compared to analyst estimates of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. On average, sell-side analysts forecast that Peapack-Gladstone Financial Co. will post 1.68 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.05 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.70%. Peapack-Gladstone Financial’s payout ratio is currently 9.17%.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now owns 52,155 shares in the company, valued at $1,402,447.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of PGC. Basswood Capital Management L.L.C. purchased a new position in Peapack-Gladstone Financial during the fourth quarter worth about $4,590,000. GoodHaven Capital Management LLC purchased a new position in Peapack-Gladstone Financial during the fourth quarter worth about $2,187,000. Acadian Asset Management LLC purchased a new position in Peapack-Gladstone Financial during the second quarter worth about $1,444,000. American Century Companies Inc. raised its stake in Peapack-Gladstone Financial by 15.3% during the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after purchasing an additional 36,564 shares during the period. Finally, AQR Capital Management LLC raised its stake in Peapack-Gladstone Financial by 45.6% during the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares during the period. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Company Profile

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.