Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Receives $56.33 Consensus Target Price from Analysts

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have earned an average rating of “Buy” from the five ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $56.3333.

PGC has been the subject of a number of recent research reports. Zacks Research lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Piper Sandler raised their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a research report on Friday, August 7th. Finally, Keefe, Bruyette & Woods reiterated a “moderate buy” rating and set a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory Smith sold 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the transaction, the executive vice president directly owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. This represents a 9.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,350 shares of company stock worth $343,735 in the last quarter. 5.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently made changes to their positions in PGC. Royal Bank of Canada boosted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 1,164 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth approximately $119,000. OP Asset Management Ltd bought a new position in shares of Peapack-Gladstone Financial in the first quarter worth approximately $116,000. Finally, Quantbot Technologies LP purchased a new position in shares of Peapack-Gladstone Financial in the second quarter worth $176,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Trading Down 1.5%

Peapack-Gladstone Financial stock opened at $45.03 on Monday. The firm has a market capitalization of $798.38 million, a price-to-earnings ratio of 15.64 and a beta of 0.70. The firm’s fifty day moving average price is $45.94 and its two-hundred day moving average price is $42.43. Peapack-Gladstone Financial has a 1-year low of $24.71 and a 1-year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $85.17 million. On average, research analysts forecast that Peapack-Gladstone Financial will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were 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 of this dividend was Thursday, August 13th. Peapack-Gladstone Financial’s 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.