Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Raised to $58.00

Key Points

• Piper Sandler raised Peapack-Gladstone Financial’s price target to $58 from $54 and maintained an “overweight” rating, implying 25.76% upside from the prior close. The broader analyst consensus remains “Buy,” with an average target of $51.
• PGC shares fell 3.4% to $46.12 during Wednesday trading. The company reported quarterly EPS of $0.85, below the $0.88 consensus estimate, while revenue of $86.05 million exceeded expectations.
• Institutional investors own 72.75% of the stock, while insiders sold 8,100 shares worth approximately $377,170 over the past 90 days.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) had its price target hoisted by equities researchers at Piper Sandler from $54.00 to $58.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective indicates a potential upside of 25.76% from the company's previous close.

Several other research analysts have also weighed in on the stock. Zacks Research raised shares of Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, June 26th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 12th. Wall Street Zen cut shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Raymond James Financial boosted their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $51.00.

Peapack-Gladstone Financial Stock Down 3.4%

Shares of Peapack-Gladstone Financial stock traded down $1.60 during trading hours on Wednesday, hitting $46.12. 111,050 shares of the company's stock traded hands, compared to its average volume of 150,726. The stock has a 50 day simple moving average of $45.43 and a 200-day simple moving average of $38.93. The company has a market cap of $817.25 million, a PE ratio of 16.00 and a beta of 0.71. Peapack-Gladstone Financial has a twelve month low of $24.42 and a twelve month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.91% and a net margin of 11.09%. As a group, equities research analysts predict that Peapack-Gladstone Financial will post 3.76 EPS for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Lisa Chalkan sold 1,100 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 26,075 shares of the company's stock, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anthony W. Spinelli sold 2,000 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director owned 11,742 shares of the company's stock, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,100 shares of company stock worth $377,170 over the last ninety days. Company insiders own 5.75% of the company's stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock worth $31,429,000 after acquiring an additional 456,828 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Peapack-Gladstone Financial by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider's stock valued at $36,445,000 after acquiring an additional 14,582 shares during the period. Vanguard Group Inc. increased its stake in shares of Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider's stock valued at $26,897,000 after acquiring an additional 28,489 shares during the period. State Street Corp raised its holdings in Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider's stock worth $15,302,000 after purchasing an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider's stock worth $12,605,000 after purchasing an additional 5,260 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

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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