Is Peapack-Gladstone Financial Corporation (PGC) a Buy? The Stock Formed Bullish Wedge Up Chart Pattern

February 20, 2018 - By Maria Brooks

Investors sentiment decreased to 2.33 in Q3 2017. Its down 0.97, from 3.3 in 2017Q2. It turned negative, as 5 investors sold Peapack-Gladstone Financial Corporation shares while 22 reduced holdings. 19 funds opened positions while 44 raised stakes. 12.41 million shares or 47.80% less from 23.77 million shares in 2017Q2 were reported.
Royal Bank & Trust Of Canada owns 1,869 shares for 0% of their portfolio. Fsi Grp Inc Ltd holds 1.51% or 63,200 shares in its portfolio. Inverness Counsel New York owns 7,754 shares. Bancorporation Of Montreal Can owns 20,324 shares for 0% of their portfolio. Fny Managed Accounts Llc reported 104 shares. Nordea Inv holds 0.01% of its portfolio in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) for 114,400 shares. Barclays Public Ltd Co owns 396 shares. Caprock holds 6,995 shares or 0.05% of its portfolio. Rhumbline Advisers reported 19,283 shares stake. Fiera reported 0% of its portfolio in Peapack-Gladstone Financial Corporation (NASDAQ:PGC). Northern Corp owns 0% invested in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) for 219,919 shares. Elizabeth Park Cap Advsr Limited reported 32,038 shares. Basswood Capital Management Lc holds 1.83% of its portfolio in Peapack-Gladstone Financial Corporation (NASDAQ:PGC) for 1.18M shares. 1,731 were accumulated by Bnp Paribas Arbitrage. Price Michael F invested in 100,800 shares or 0.47% of the stock.

Since December 12, 2017, it had 0 insider purchases, and 3 sales for $35,175 activity.

The stock of Peapack-Gladstone Financial Corporation (PGC) formed an up wedge with $37.39 target or 6.00 % above today’s $35.27 share price. The 6 months wedge indicates low risk for the $656.71 million company. If the $37.39 price target is reached, the company will be worth $39.40 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 1.37% or $0.49 during the last trading session, reaching $35.27. About 10,427 shares traded. Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has risen 63.29% since February 20, 2017 and is uptrending. It has outperformed by 46.59% the S&P500.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Ratings Coverage

Among 4 analysts covering Peapack-Gladstone Financial (NASDAQ:PGC), 3 have Buy rating, 0 Sell and 1 Hold. Therefore 75% are positive. Peapack-Gladstone Financial had 8 analyst reports since November 7, 2016 according to SRatingsIntel. The firm has “Buy” rating given on Monday, November 7 by Sandler O’Neill. The stock has “Buy” rating by Keefe Bruyette & Woods on Monday, November 27. Hovde Group maintained the shares of PGC in report on Thursday, February 1 with “Buy” rating. Keefe Bruyette & Woods maintained Peapack-Gladstone Financial Corporation (NASDAQ:PGC) rating on Monday, February 5. Keefe Bruyette & Woods has “Buy” rating and $44.5 target. The stock of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has “Buy” rating given on Monday, July 17 by Keefe Bruyette & Woods. Keefe Bruyette & Woods maintained the stock with “Buy” rating in Thursday, December 21 report. The firm earned “Hold” rating on Monday, December 19 by Sandler O’Neill.

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