Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Receives Consensus Recommendation of “Buy” from Brokerages

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

PGC has been the subject of a number of recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Raymond James Financial boosted their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Finally, Piper Sandler upped their price objective 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 Transactions at Peapack-Gladstone Financial

In related news, EVP Gregory Smith sold 1,250 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the completion of the sale, the executive vice president owned 12,622 shares of the company’s stock, valued at $563,698.52. This represents a 9.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the sale, the executive vice president directly owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 7,350 shares of company stock valued at $343,735. 5.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Azora Capital LP lifted its stake in shares of Peapack-Gladstone Financial by 4.1% in the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $308,000 after purchasing an additional 431 shares during the period. PNC Financial Services Group Inc. increased its holdings in Peapack-Gladstone Financial by 0.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after buying an additional 500 shares in the last quarter. Royal Bank of Canada increased its holdings in 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 valued at $44,000 after buying an additional 529 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,164 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Peapack-Gladstone Financial by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 45,824 shares of the financial services provider’s stock worth $1,613,000 after acquiring an additional 2,446 shares during the period. 72.75% of the stock is owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Trading Down 0.3%

Shares of Peapack-Gladstone Financial stock opened at $45.28 on Monday. The stock has a 50 day moving average of $45.90 and a 200 day moving average of $42.54. Peapack-Gladstone Financial has a 12 month low of $24.71 and a 12 month high of $49.14. The firm has a market cap of $802.81 million, a PE ratio of 15.72 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 earnings per share (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 firm had revenue of $86.05 million during the quarter, compared to the consensus estimate of $85.17 million. As a group, equities research analysts forecast that Peapack-Gladstone Financial will post 3.58 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

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

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank’s offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.