Piper Sandler Forecasts Strong Price Appreciation for Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective upped by analysts at Piper Sandler from $30.00 to $32.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 12.32% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.33.

Peapack-Gladstone Financial Stock Up 1.8%

NASDAQ PGC traded up $0.50 during trading hours on Wednesday, reaching $28.49. 18,304 shares of the company’s stock traded hands, compared to its average volume of 107,308. The firm has a market cap of $500.23 million, a PE ratio of 14.73 and a beta of 0.73. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $36.97. The firm has a 50-day simple moving average of $26.71 and a 200 day simple moving average of $27.50.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. Peapack-Gladstone Financial had a net margin of 7.91% and a return on equity of 5.51%. The company had revenue of $70.93 million for the quarter. Sell-side analysts anticipate that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 3,200 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $29.15, for a total value of $93,280.00. Following the sale, the executive vice president directly owned 5,427 shares in the company, valued at approximately $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Chalkan sold 2,500 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $29.65, for a total value of $74,125.00. Following the transaction, the executive vice president owned 23,602 shares of the company’s stock, valued at approximately $699,799.30. The trade was a 9.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,702 shares of company stock worth $167,461 over the last three months. 6.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Algert Global LLC increased its holdings in Peapack-Gladstone Financial by 1.5% during the first quarter. Algert Global LLC now owns 26,324 shares of the financial services provider’s stock valued at $748,000 after buying an additional 390 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 390 shares in the last quarter. Rafferty Asset Management LLC increased its holdings in shares of 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 valued at $453,000 after acquiring an additional 526 shares during the period. SummerHaven Investment Management LLC increased its holdings in shares of Peapack-Gladstone Financial by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 36,235 shares of the financial services provider’s stock valued at $1,024,000 after acquiring an additional 535 shares during the period. Finally, CWM LLC raised its position in shares of Peapack-Gladstone Financial by 338.9% in the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 705 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.