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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on September 21, Peapack-Gladstone Financial Corp.'s Director, Peter D. Horst, invested $79,700.00 into 2,500 shares of PGC, for a cost per share of $31.88. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Friday, bargain hunters could buy shares of Peapack-Gladstone Financial Corp. (NASDAQ:PGC) and achieve a cost basis even cheaper than Horst, with shares changing hands as low as $31.61 per share. Peapack-Gladstone Financial Corp. shares are currently trading up about 1.6% on the day. The chart below shows the one year performance of PGC shares, versus its 200 day moving average:
Looking at the chart above, PGC's low point in its 52 week range is $16.16 per share, with $34.67 as the 52 week high point — that compares with a last trade of $34.09. By comparison, below is a table showing the prices at which PGC insider buying was recorded over the last six months:
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