Peapack-Gladstone Financial Corporation (PGC) – What Are Investment Firms Saying About This Stock?

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has earned an average rating of “Moderate Buy” from the five analysts that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $56.33.

PGC has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Raymond James Financial cut Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Finally, Weiss Ratings upgraded Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st.

Peapack-Gladstone Financial Stock Performance

PGC stock opened at $46.84 on Tuesday. The firm has a market cap of $830.47 million, a PE ratio of 14.07 and a beta of 0.72. The firm’s fifty day moving average is $44.81 and its 200 day moving average is $41.24. Peapack-Gladstone Financial has a one year low of $24.71 and a one year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. The company had revenue of $88.50 million during the quarter, compared to analysts’ expectations of $90.13 million. Peapack-Gladstone Financial had a net margin of 12.69% and a return on equity of 9.12%. Research analysts predict that Peapack-Gladstone Financial will post 3.56 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be given a $0.05 dividend. The ex-dividend date is Thursday, November 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial’s payout ratio is 6.01%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 2,297 shares of Peapack-Gladstone Financial stock in a transaction on Monday, September 21st. The shares were sold at an average price of $45.32, for a total value of $104,100.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gregory Smith sold 1,250 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was 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 directly owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. The trade was a 9.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position in shares of Peapack-Gladstone Financial by 241.9% in the third quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 433 shares during the period. Royal Bank of Canada increased its stake in shares of 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 worth $44,000 after purchasing an additional 529 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Peapack-Gladstone Financial during the third quarter worth about $50,000. Parallel Advisors LLC raised its position in shares of Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,164 shares during the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Peapack-Gladstone Financial during the 3rd quarter worth about $72,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.