Peapack-Gladstone Financial (NASDAQ:PGC) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Peapack-Gladstone Financial was upgraded by Wall Street Zen from hold to buy, adding to a generally positive analyst sentiment around the stock.
• Several other firms recently raised their views and price targets, including Piper Sandler and Raymond James, and MarketBeat says the stock now has an average rating of Buy with a $49.67 average price target.
• The company also posted solid results last quarter, beating earnings and revenue estimates, while the stock traded near $46.10 and sits close to its 52-week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

A number of other research analysts have also issued reports on PGC. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an "overweight" rating in a report on Friday, June 26th. 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 upped 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 research report on Wednesday, July 1st. Finally, Zacks Research upgraded shares of Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, Peapack-Gladstone Financial currently has an average rating of "Buy" and an average price target of $49.67.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $46.10 on Friday. The company has a market capitalization of $816.89 million, a P/E ratio of 18.59 and a beta of 0.71. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $49.14. The company's fifty day moving average is $44.80 and its two-hundred day moving average is $37.96.

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

Insider Activity

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were 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 in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lisa Chalkan sold 1,100 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares of the company's stock, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,100 shares of company stock worth $377,170 in the last 90 days. 5.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in 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 grew 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 valued at $65,000 after purchasing an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Peapack-Gladstone Financial by 431.5% in 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 purchasing an additional 3,059 shares during the last quarter. OP Asset Management Ltd acquired a new stake in Peapack-Gladstone Financial in the first quarter valued at $116,000. Finally, Aquatic Capital Management LLC increased its position in shares of Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock valued at $145,000 after buying an additional 985 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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