Peapack-Gladstone Financial (NASDAQ:PGC) Receives Outperform Rating from Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods reiterated its “Outperform” rating on Peapack-Gladstone Financial and raised its price target to $56 from $55, implying about 20.38% upside. The stock has an overall consensus rating of “Buy” with a $56.33 average target.
• PGC shares rose 1.2% to $46.52, near their 52-week high of $49.14. The company reported quarterly EPS of $0.85, below the $0.88 consensus estimate, while revenue of $86.05 million exceeded expectations.
• Insiders sold 8,100 shares worth approximately $377,170 over the past three months, while institutional investors own 72.75% of the company. Recent analyst actions were mixed, with some firms raising targets and others downgrading the stock to “Hold.”

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report)'s stock had its "outperform" rating reiterated by analysts at Keefe, Bruyette & Woods in a research report issued on Monday,Benzinga reports. They presently have a $56.00 price target on the financial services provider's stock, up from their previous price target of $55.00. Keefe, Bruyette & Woods' price target suggests a potential upside of 20.38% from the company's current price.

A number of other research analysts have also recently commented on the company. Weiss Ratings raised Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 12th. Wall Street Zen lowered shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Raymond James Financial raised their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Piper Sandler increased their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Finally, Zacks Research lowered Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of "Buy" and a consensus target price of $56.33.

Peapack-Gladstone Financial Stock Up 1.2%

Peapack-Gladstone Financial stock traded up $0.54 during mid-day trading on Monday, reaching $46.52. 83,489 shares of the company's stock were exchanged, compared to its average volume of 151,989. The business's fifty day simple moving average is $45.62 and its 200 day simple moving average is $39.30. Peapack-Gladstone Financial has a one year low of $24.42 and a one year high of $49.14. The firm has a market capitalization of $824.24 million, a PE ratio of 16.18 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.91%. The business had revenue of $86.05 million for the quarter, compared to analysts' expectations of $85.17 million. On average, sell-side analysts forecast that Peapack-Gladstone Financial will post 3.58 earnings per share for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director directly owned 11,742 shares of the company's stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John P. Babcock sold 5,000 shares of the business's stock in a transaction dated Monday, June 29th. The shares were 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 approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 8,100 shares of company stock worth $377,170 over the last three months. Company insiders own 5.75% of the company's stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of hedge funds have recently modified their holdings of PGC. Royal Bank of Canada raised its position in Peapack-Gladstone Financial by 73.2% during 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 lifted its holdings 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 worth $65,000 after buying an additional 1,164 shares during the period. OP Asset Management Ltd purchased a new stake in Peapack-Gladstone Financial in the first quarter worth about $116,000. State of Alaska Department of Revenue boosted its position in Peapack-Gladstone Financial by 431.5% during the 4th 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 in the last quarter. Finally, Aquatic Capital Management LLC boosted its position in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock valued at $145,000 after acquiring an additional 985 shares in the last quarter. Hedge funds and other institutional investors 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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