Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Stock Rated "Buy" by Wall Street Brokerages

Key Points

• Analyst sentiment is positive: Five brokerages give Peapack-Gladstone Financial an average “Buy” rating, with a consensus 12-month price target of $56.33 versus the stock’s $43.66 opening price.
• Quarterly earnings slightly missed expectations: The company reported $0.85 in earnings per share, below the $0.88 consensus estimate, while revenue of $86.05 million exceeded expectations.
• The company maintains a modest dividend: Peapack-Gladstone Financial paid a quarterly dividend of $0.05 per share, equivalent to a 0.5% annual yield; institutional investors own 72.75% of the stock.

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) have been given an average recommendation of "Buy" by the five brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $56.33.

PGC has been the subject of a number of research analyst reports. Zacks Research cut Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Raymond James Financial raised their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Piper Sandler increased their price objective on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen lowered Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a report on Sunday, July 26th.

Peapack-Gladstone Financial Price Performance

Shares of PGC stock opened at $43.66 on Friday. The company has a market capitalization of $774.09 million, a PE ratio of 15.16 and a beta of 0.72. The firm's 50-day moving average is $45.31 and its two-hundred day moving average is $43.63. Peapack-Gladstone Financial has a 12 month low of $24.71 and a 12 month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 earnings per share 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 business had revenue of $86.05 million during the quarter, compared to analysts' expectations of $85.17 million. Sell-side analysts forecast that Peapack-Gladstone Financial will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 13th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 6.94%.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Gregory Smith sold 1,250 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the transaction, the executive vice president directly owned 12,622 shares of the company's stock, valued at $563,698.52. This represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The disclosure for this sale is available in the SEC filing. 5.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its holdings in shares of Peapack-Gladstone Financial by 241.9% during the third quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider's stock worth $27,000 after buying an additional 433 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Peapack-Gladstone Financial by 73.2% during the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider's stock worth $44,000 after purchasing an additional 529 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider's stock worth $65,000 after purchasing an additional 1,164 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Peapack-Gladstone Financial in the 2nd quarter valued at $119,000. Finally, OP Asset Management Ltd purchased a new position in Peapack-Gladstone Financial in the 1st quarter valued at $116,000. Institutional investors and hedge funds own 72.75% of the company's stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation NASDAQ: PGC is a bank holding company headquartered in Bedminster, New Jersey. It operates primarily through Peapack-Gladstone Bank, a full-service financial institution serving individuals, families, businesses and institutions.

The bank provides commercial and retail banking services, including deposit accounts, commercial and residential lending, mortgages, cash-management services and other treasury-management solutions. It also offers wealth management services such as investment management, trust and fiduciary services, financial planning and private banking.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the New York metropolitan area, including businesses and affluent individuals in those markets.

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