Raymond James Financial Issues Positive Forecast for Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price

Key Points

• Raymond James Financial raised its price target on Peapack-Gladstone Financial to $55 from $49 and kept a strong-buy rating, implying about 13.5% upside from the prior close.
• Other analysts have also turned more bullish, with recent upgrades from Weiss Ratings and Zacks Research and a higher target from Piper Sandler; the stock now carries an overall Buy consensus and an average target of $49.67.
• Peapack-Gladstone Financial has been trading near its 52-week high after a 2.4% gain, and its latest earnings beat expectations with $0.80 EPS versus the $0.66 estimate.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) had its target price raised by equities research analysts at Raymond James Financial from $49.00 to $55.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "strong-buy" rating on the financial services provider's stock. Raymond James Financial's target price would indicate a potential upside of 13.46% from the company's previous close.

A number of other analysts have also recently commented on PGC. Weiss Ratings upgraded Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 12th. Piper Sandler boosted their price target on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an "overweight" rating in a research note 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. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $49.67.

Peapack-Gladstone Financial Stock Up 2.4%

Shares of PGC traded up $1.15 during mid-day trading on Wednesday, hitting $48.48. 61,272 shares of the company's stock traded hands, compared to its average volume of 134,091. The firm has a market capitalization of $858.98 million, a P/E ratio of 19.56 and a beta of 0.72. The business's 50-day moving average price is $43.39 and its 200-day moving average price is $36.42. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $48.62.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 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 company had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. Sell-side analysts anticipate that Peapack-Gladstone Financial will post 3.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Lisa Chalkan sold 1,100 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the sale, the executive vice president directly owned 26,075 shares of the company's stock, valued at $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares in the company, valued at $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. In the last quarter, insiders sold 8,100 shares of company stock valued at $377,170. Company insiders own 5.75% of the company's stock.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in 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 purchasing an additional 529 shares during the period. Parallel Advisors LLC raised 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 buying an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of 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 worth $104,000 after buying an additional 3,059 shares in the last quarter. OP Asset Management Ltd bought a new position in shares of Peapack-Gladstone Financial during the first quarter worth $116,000. Finally, Aquatic Capital Management LLC grew its stake 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 valued at $145,000 after acquiring an additional 985 shares in the last quarter. 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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