Peapack-Gladstone Financial (NASDAQ:PGC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a buy rating in a research report sent to investors on Saturday.

PGC has been the topic of several other reports. Raymond James Financial boosted their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Piper Sandler raised their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $49.67.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC opened at $46.15 on Friday. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $49.14. The firm has a market cap of $817.78 million, a P/E ratio of 18.61 and a beta of 0.71. The stock has a fifty day moving average price of $44.89 and a two-hundred day moving average price of $38.15.

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, topping analysts’ consensus estimates of $0.66 by $0.14. The company had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. On average, research analysts predict that Peapack-Gladstone Financial will post 3.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John P. Babcock sold 5,000 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president directly owned 45,582 shares of the company’s stock, 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. In the last quarter, insiders have sold 8,100 shares of company stock worth $377,170. Company insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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. Azora Capital LP raised its holdings in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 431 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Peapack-Gladstone Financial by 0.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock worth $1,832,000 after acquiring an additional 500 shares in the last quarter. Royal Bank of Canada boosted its position in Peapack-Gladstone Financial by 73.2% during the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 529 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Peapack-Gladstone Financial by 7.2% during the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock valued at $321,000 after purchasing an additional 763 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

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.