Peapack-Gladstone Financial (NASDAQ:PGC) Sees Strong Trading Volume – What’s Next?

Peapack-Gladstone Financial Co. (NASDAQ:PGC) shares saw unusually-high trading volume on Friday . Approximately 348,618 shares were traded 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.

Analyst Ratings Changes

PGC has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $35.00 in a research report on Wednesday, October 23rd.

Peapack-Gladstone Financial Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $639.57 million, a PE ratio of 20.09 and a beta of 0.96. The stock’s 50 day simple moving average is $30.87 and its 200-day simple moving average is $26.60.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates 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, equities analysts forecast that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is currently 11.05%.

Insider Activity

In related news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on 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. This trade represents a 16.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.63% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Peapack-Gladstone Financial by 1.1% in the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after acquiring an additional 9,991 shares in the last quarter. Boston Partners increased its position in shares of Peapack-Gladstone Financial by 1.6% in the first quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock valued at $18,339,000 after buying an additional 12,226 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Peapack-Gladstone Financial by 2.5% in the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after buying an additional 15,667 shares in the last quarter. State Street Corp increased its position in shares of Peapack-Gladstone Financial by 2.4% in the third quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after buying an additional 12,332 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Peapack-Gladstone Financial by 1.1% in the third quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock valued at $10,385,000 after buying an additional 4,172 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

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.