Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Stock Has Consensus Target Price of $56.33 According to Analysts

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has earned an average rating of “Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $56.33.

Several equities research analysts have weighed in on PGC shares. Keefe, Bruyette & Woods reissued a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Wall Street Zen lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Zacks Research cut Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings upgraded Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Finally, Piper Sandler boosted their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Gregory Smith sold 1,250 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the transaction, the executive vice president directly owned 12,622 shares in the company, valued at approximately $563,698.52. This represents a 9.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Maureen Hemhauser sold 2,297 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at $75,599,000. Dimensional Fund Advisors LP grew its holdings in shares of Peapack-Gladstone Financial by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock worth $36,445,000 after purchasing an additional 14,582 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Peapack-Gladstone Financial by 6.1% in the second quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider’s stock worth $31,942,000 after purchasing an additional 38,797 shares during the last quarter. Algert Global LLC grew its holdings in shares of Peapack-Gladstone Financial by 8.2% in the second quarter. Algert Global LLC now owns 356,295 shares of the financial services provider’s stock worth $16,863,000 after purchasing an additional 26,880 shares during the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new position in Peapack-Gladstone Financial in the 2nd quarter worth about $13,778,000. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Price Performance

NASDAQ:PGC opened at $43.28 on Friday. The stock’s 50 day simple moving average is $45.14 and its two-hundred day simple moving average is $43.81. Peapack-Gladstone Financial has a 1 year low of $24.71 and a 1 year high of $49.14. The company has a market cap of $767.35 million, a price-to-earnings ratio of 15.14 and a beta of 0.72.

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

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. Peapack-Gladstone Financial’s dividend payout ratio is currently 6.94%.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is a bank holding company headquartered in Bedminster, New Jersey. It operates primarily through Peapack-Gladstone Bank, a full-service financial institution serving individuals, families, businesses and institutions.

The bank provides commercial and retail banking services, including deposit accounts, commercial and residential lending, mortgages, cash-management services and other treasury-management solutions. It also offers wealth management services such as investment management, trust and fiduciary services, financial planning and private banking.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the New York metropolitan area, including businesses and affluent individuals in those markets.