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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has received a consensus recommendation of “Buy” from the five brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $56.3333.

Several brokerages have recently issued reports on PGC. Raymond James Financial boosted their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a research note on Friday, August 7th. Zacks Research cut Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Piper Sandler upped their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd.

Insider Transactions at Peapack-Gladstone Financial

In related news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 11,742 shares of the company’s stock, valued at $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John P. Babcock sold 5,000 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares in the company, valued at $2,147,368.02. This represents a 9.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 8,100 shares of company stock worth $377,170. Insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several large investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of Peapack-Gladstone Financial by 6.1% during the 2nd quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider’s stock worth $31,942,000 after buying an additional 38,797 shares during the period. Empowered Funds LLC bought a new stake in Peapack-Gladstone Financial during the second quarter worth about $3,841,000. Public Employees Retirement System of Ohio bought a new position in Peapack-Gladstone Financial in the second quarter valued at approximately $350,000. Bank of America Corp DE acquired a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth $5,411,000. Finally, Basswood Capital Management L.L.C. acquired a new position in Peapack-Gladstone Financial during the 2nd quarter worth approximately $13,778,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $45.06 on Thursday. The stock’s 50-day moving average is $46.24 and its two-hundred day moving average is $40.82. The firm has a market cap of $798.91 million, a price-to-earnings ratio of 15.65 and a beta of 0.71. Peapack-Gladstone Financial has a 1 year low of $24.71 and a 1 year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $86.05 million for the quarter, compared to analysts’ expectations of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. As a group, research analysts predict that Peapack-Gladstone Financial will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio is presently 6.94%.

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.