Piper Sandler Issues Positive Forecast for Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective increased by stock analysts at Piper Sandler from $50.00 to $54.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 14.58% from the stock’s current price.

Separately, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Peapack-Gladstone Financial has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Peapack-Gladstone Financial Price Performance

PGC stock traded up $0.73 during midday trading on Friday, reaching $47.13. The company had a trading volume of 23,805 shares, compared to its average volume of 128,831. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $47.46. The firm has a 50-day moving average price of $42.87 and a 200-day moving average price of $36.01. The company has a market capitalization of $835.09 million, a P/E ratio of 19.00 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The firm had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million. On average, equities analysts predict that Peapack-Gladstone Financial will post 3.69 EPS for the current year.

Insider Activity

In other news, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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 added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 390 shares in the last quarter. Azora Capital LP boosted its position in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $308,000 after buying an additional 431 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Peapack-Gladstone Financial by 0.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock worth $1,832,000 after buying an additional 500 shares in the last quarter. Rafferty Asset Management LLC increased its holdings in Peapack-Gladstone Financial by 3.3% in the 3rd quarter. Rafferty Asset Management LLC now owns 16,405 shares of the financial services provider’s stock worth $453,000 after buying an additional 526 shares in the last quarter. Finally, Royal Bank of Canada raised its position 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 buying an additional 529 shares during the last quarter. 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.