Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside |
|---|---|---|---|---|---|---|---|
| 17 Sep, 24 | PGC | Buy | USD 27.15 | USD 29.623 | USD 30.97 | 1 day | 14.1% |
Data Powered by EOD Historical Data (“EODHD”).
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. The company also provides working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, multi-family mortgages, and other forms of asset-based financing services; and residential mortgages, home equity lines of credit, and other second mortgage loans. In addition, it offers corporate and industrial (C&I) and equipment finance, commercial real estate, multifamily, residential, and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; investment management services; personal trust services, including services as executor, trustee, administrator, custodian, and guardian; and other financial planning, tax preparation, and advisory services. Further, the company provides telephone and Internet banking, merchant credit card, and customer support sales services. Its private banking clients include businesses, non-profits, and consumers; wealth management clients comprise individuals, families, foundations, endowments, trusts, and estates; and commercial loan clients include business owners, professionals, retailers, contractors, and real estate investors. The company operates its private banking locations in Bedminster, Morristown, Princeton, and Teaneck, New Jersey; and branches in Somerset, Morris, Hunterdon, and Union counties, as well as operates automated teller machines. Peapack-Gladstone Financial Corporation was founded in 1921 and is headquartered in Bedminster, New Jersey.
Higher Efficiency Ratio: 76.6% in Q1 FY24 vs Industry Median of 65.7%
Higher Deposit Growth: 3.8% in Q1 FY24 vs Industry Median of 0.1%
Balance Sheet Risk: Nonperforming Loans (% of Total Loans) of 1.30% in Q1 FY24 vs Industry Median of 0.52%
Decreasing Net Interest Income: USD 35.04 mn in Q2 FY24 vs USD 38.92 mn in Q2 FY23
Concentration in Wealth Management, Growth and Integration Risk, Loan Portfolio Composition, Dependence on Key Personnel, Reputation Management, etc
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 27.15 | 24.237 | 29.623 | 30.97 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
PGC's daily chart reveals prices trading above a horizontal trendline, signaling potential upward momentum. This bullish outlook is bolstered by rising trading volumes. The Relative Strength Index (RSI) is at 54.89, indicating positive momentum. The 21-period are below the Current Market Price (CMP), suggesting key support levels. Key support levels are identified at USD 25.045 and USD 24.237, while resistance levels are at 29.623 and 30.970.
As per the above-mentioned technical indicators analysis, a ‘Buy’ rating has been given to Peapack-Gladstone Financial (NASDAQ: PGC) at the closing market price of USD 27.15 as of 17 September 2024.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Banks - Regional
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | |
|---|---|---|---|---|---|---|---|
| PGC Peapack-Gladstone Financial |
-0.14 0.42% | 32.81 | 10.18 | 9.91 | 1.90 | 0.70 | |
| HDB HDFC Bank Limited ADR |
0.34 0.54% | 64.61 | 20.81 | 20.96 | 0.11 | 4.77 | |
| CIHKY China Merchants Bank Co Ltd |
0.47 1.93% | 24.88 | 6.61 | 5.68 | 0.48 | 0.77 | 3.43 |
| CIHHF China Merchants Bank Co Ltd Class H |
- -% | 4.70 | 6.10 | 5.67 | 0.44 | 0.77 | 3.43 |
| IBN ICICI Bank Limited |
-0.05 0.17% | 30.25 | 17.79 | 16.95 | 0.07 | 3.08 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from a high-risk perspective and recommendations are provided for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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