Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Given Average Recommendation of “Buy” by Brokerages

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have received an average recommendation of “Buy” from the five research firms that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $49.6667.

Several research firms have recently issued reports on PGC. 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. Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, 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 research note on Wednesday.

Peapack-Gladstone Financial Stock Performance

PGC traded up $0.97 during midday trading on Wednesday, reaching $48.30. The company had a trading volume of 89,790 shares, compared to its average volume of 134,327. Peapack-Gladstone Financial has a 12-month low of $24.42 and a 12-month high of $48.63. The business has a 50-day moving average price of $43.39 and a two-hundred day moving average price of $36.42. The stock has a market cap of $855.88 million, a PE ratio of 19.48 and a beta of 0.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate 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 business had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. On average, research analysts anticipate that Peapack-Gladstone Financial will post 3.76 earnings per share for the current year.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the transaction, the executive vice president owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This represents a 9.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 8,100 shares of company stock valued at $377,170. 5.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in shares of Peapack-Gladstone Financial by 73.2% in 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 in the last quarter. Parallel Advisors LLC boosted its stake in shares of Peapack-Gladstone Financial by 171.9% during the 1st 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 period. State of Alaska Department of Revenue increased its stake 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 acquiring an additional 3,059 shares during the last quarter. OP Asset Management Ltd acquired a new position in shares of Peapack-Gladstone Financial in the first quarter worth $116,000. Finally, Aquatic Capital Management LLC raised its holdings in shares of 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 worth $145,000 after acquiring an additional 985 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

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.