Brokerages Set Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Target Price at $35.33

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $37.00.

PGC has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Zacks Research raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. Finally, Piper Sandler increased their price target on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Peapack-Gladstone Financial by 4.1% in 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 during the period. 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 purchasing an additional 526 shares in the last quarter. CWM LLC lifted its stake in shares of Peapack-Gladstone Financial by 338.9% in the second quarter. CWM LLC now owns 913 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 705 shares during the period. First Trust Advisors LP boosted its holdings 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 worth $321,000 after buying an additional 763 shares in the last quarter. Finally, Aquatic Capital Management LLC grew its position in Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the period. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $33.01 on Thursday. The firm has a market cap of $579.66 million, a P/E ratio of 17.02 and a beta of 0.73. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $35.41. The business’s 50-day moving average price is $28.82 and its 200 day moving average price is $27.74. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%.The company had revenue of $77.67 million during the quarter, compared to analysts’ expectations of $73.69 million. On average, equities research analysts expect that Peapack-Gladstone Financial will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, February 12th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 10.31%.

About Peapack-Gladstone Financial

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.