Analysts Set Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Price Target at $49.67

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has earned a consensus recommendation of “Buy” from the five analysts that are covering the company, MarketBeat.com reports. One investment 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 12 month target price among brokerages that have issued ratings on the stock in the last year is $51.00.

A number of equities research analysts have recently weighed in on the company. Raymond James Financial boosted their target price on 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. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Piper Sandler boosted 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. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Finally, Zacks Research lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday.

Peapack-Gladstone Financial Stock Down 0.1%

Shares of NASDAQ:PGC opened at $45.98 on Friday. The stock has a market cap of $814.77 million, a PE ratio of 15.97 and a beta of 0.71. The company’s fifty day moving average is $45.62 and its 200 day moving average is $39.22. Peapack-Gladstone Financial has a 52 week low of $24.42 and a 52 week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). The business 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 7.91%. Sell-side analysts anticipate that Peapack-Gladstone Financial will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

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

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the sale, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John P. Babcock sold 5,000 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company’s stock, valued at approximately $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. Insiders sold 8,100 shares of company stock valued at $377,170 in the last quarter. Company insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its position in shares of Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after buying an additional 3,070 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Peapack-Gladstone Financial by 4.1% during the first 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. Empowered Funds LLC lifted its stake in Peapack-Gladstone Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock worth $1,575,000 after acquiring an additional 4,329 shares during the period. Jane Street Group LLC lifted its stake in Peapack-Gladstone Financial by 119.7% in the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock worth $1,482,000 after acquiring an additional 28,428 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Peapack-Gladstone Financial by 13.9% in the second quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock valued at $449,000 after acquiring an additional 1,945 shares in the last quarter. 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.