Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Receives Average Rating of "Buy" from Brokerages

Key Points

• Peapack-Gladstone Financial has a consensus analyst rating of "Buy" from five covering analysts, with an average price target of about $49.67.
• Several analysts recently turned more positive on the stock, including Raymond James and Piper Sandler, which raised price targets to $55 and $54, respectively.
• The company beat quarterly expectations, reporting $0.80 EPS versus $0.66 expected, while shares recently traded near their 52-week high at $48.30.

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) have received a consensus rating of "Buy" from the five analysts that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $49.6667.

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 12th. 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. Piper Sandler boosted their target price on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Finally, Zacks Research raised shares of Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 26th.

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock traded up $0.97 during midday trading on Wednesday, hitting $48.30. 89,790 shares of the company were exchanged, compared to its average volume of 134,327. The firm has a 50 day simple moving average of $43.39 and a 200-day simple moving average of $36.42. The firm has a market cap of $855.88 million, a P/E ratio of 19.48 and a beta of 0.72. Peapack-Gladstone Financial has a 52 week low of $24.42 and a 52 week high of $48.63.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The business had revenue of $82.49 million during the quarter, compared to the consensus estimate of $79.17 million. Equities research analysts expect that Peapack-Gladstone Financial will post 3.76 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP John P. Babcock sold 5,000 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the sale, the executive vice president directly owned 45,582 shares of the company's stock, valued at $2,147,368.02. The trade was a 9.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director owned 11,742 shares of the company's stock, valued at approximately $524,045.46. This represents a 14.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted 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 worth $44,000 after buying an additional 529 shares during the last quarter. Parallel Advisors LLC increased its position 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 valued at $65,000 after acquiring an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 3,059 shares during the last quarter. OP Asset Management Ltd bought a new stake in Peapack-Gladstone Financial during the first quarter worth $116,000. Finally, Aquatic Capital Management LLC lifted its holdings in 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 acquiring an additional 985 shares during the period. 72.75% of the stock is owned by institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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