Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Given Consensus Rating of "Buy" by Analysts

Key Points

• Analysts maintain a “Buy” consensus on Peapack-Gladstone Financial, with three buy ratings, one strong buy, and one hold. The average 12-month price target is $56.33, above the stock’s reported $45.80 price.
• The company reported quarterly EPS of $0.85, missing the $0.88 consensus estimate, while revenue of $86.05 million exceeded expectations of $85.17 million. Analysts expect full-year EPS of approximately $3.58.
• Peapack-Gladstone declared a quarterly dividend of $0.05, equal to a $0.20 annualized payout and a 0.4% yield. Institutional investors own 72.75% of the stock, while insiders have sold 7,350 shares over the past 90 days.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) has earned a consensus rating of "Buy" from the five research firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $56.3333.

A number of analysts have recently issued reports on the company. Zacks Research lowered Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Raymond James Financial lifted their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, July 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Piper Sandler raised their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $45.80 on Monday. The firm has a market capitalization of $812.03 million, a PE ratio of 15.90 and a beta of 0.70. Peapack-Gladstone Financial has a twelve month low of $24.71 and a twelve month high of $49.14. The firm's 50-day moving average price is $46.00 and its 200 day moving average price is $42.19.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%.The firm had revenue of $86.05 million for the quarter, compared to analysts' expectations of $85.17 million. On average, sell-side analysts predict that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were given a $0.05 dividend. The ex-dividend date was Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial's dividend payout ratio is 6.94%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the transaction, the executive vice president owned 12,622 shares in the company, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lisa Chalkan sold 1,100 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares in the company, valued at $1,241,170. This trade represents a 4.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 7,350 shares of company stock valued at $343,735. 5.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 529 shares during the last quarter. Parallel Advisors LLC raised its position in Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider's stock valued at $65,000 after purchasing an additional 1,164 shares during the period. OP Asset Management Ltd acquired a new position in Peapack-Gladstone Financial during the first quarter worth $116,000. Integrated Wealth Concepts LLC purchased a new position in shares of Peapack-Gladstone Financial during the second quarter worth $119,000. Finally, Aquatic Capital Management LLC boosted its position in shares of Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock worth $145,000 after buying an additional 985 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank's offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.

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