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

Peapack-Gladstone Financial logo with Finance background

Key Points

  • Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has received a consensus rating of "Moderate Buy" from five brokerages, with an average 12-month price target of $36.33.
  • CEO Douglas L. Kennedy recently purchased 3,720 shares of the company's stock, increasing his ownership by 10.51%, while EVP Gregory Martin Smith sold 3,200 shares, reducing his ownership by 37.09%.
  • In the second quarter, institutional investors increased their stakes significantly, with CWM LLC's holdings jumping by 338.9%, and the total institutional ownership now at 72.75%.
  • Five stocks to consider instead of Peapack-Gladstone Financial.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) has been given an average rating of "Moderate Buy" by the five ratings firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $36.3333.

Several research firms have commented on PGC. Zacks Research upgraded Peapack-Gladstone Financial from a "strong sell" rating to a "hold" rating in a research report on Friday. Wall Street Zen upgraded Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Peapack-Gladstone Financial in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd.

View Our Latest Report on Peapack-Gladstone Financial

Insider Transactions at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy purchased 3,720 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, July 23rd. The stock was purchased at an average price of $26.24 per share, for a total transaction of $97,612.80. Following the transaction, the chief executive officer directly owned 39,129 shares in the company, valued at approximately $1,026,744.96. This trade represents a 10.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gregory Martin Smith sold 3,200 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $29.15, for a total value of $93,280.00. Following the completion of the sale, the executive vice president directly owned 5,427 shares in the company, valued at $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,702 shares of company stock valued at $167,461 over the last 90 days. Corporate insiders own 6.95% of the company's stock.

Institutional Trading of Peapack-Gladstone Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its holdings in shares of Peapack-Gladstone Financial by 338.9% in the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider's stock worth $26,000 after acquiring an additional 705 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Peapack-Gladstone Financial during the third quarter worth $226,000. Quantbot Technologies LP grew its stake in shares of Peapack-Gladstone Financial by 38.1% in the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider's stock valued at $232,000 after buying an additional 2,251 shares in the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Peapack-Gladstone Financial in the 1st quarter valued at $235,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider's stock worth $282,000 after acquiring an additional 390 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Stock Performance

PGC opened at $27.27 on Tuesday. The company has a market cap of $481.32 million, a P/E ratio of 14.90 and a beta of 0.88. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $37.88. The firm's 50-day moving average price is $28.12 and its 200-day moving average price is $27.71.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.16). The business had revenue of $69.74 million during the quarter, compared to analysts' expectations of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.25%. As a group, equities analysts anticipate that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

About Peapack-Gladstone Financial

(Get Free Report)

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.

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Analyst Recommendations for Peapack-Gladstone Financial (NASDAQ:PGC)

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