Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Receives Consensus Recommendation of “Buy” from Analysts

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has been given a consensus recommendation of “Buy” by the five research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $56.3333.

Several research analysts recently weighed in on the stock. Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Zacks Research downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial boosted their price target on 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.

Insider Activity

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This trade represents a 9.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the sale, the director owned 11,742 shares of the company’s stock, valued at $524,045.46. This trade represents a 14.55% 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 worth $377,170 over the last three months. Insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Several large investors have recently added to or reduced their stakes in PGC. Royal Bank of Canada increased 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 worth $44,000 after purchasing an additional 529 shares during the last quarter. Parallel Advisors LLC lifted its stake in 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 worth $65,000 after purchasing an additional 1,164 shares in the last quarter. OP Asset Management Ltd acquired a new position in Peapack-Gladstone Financial during the 1st quarter worth about $116,000. Quantbot Technologies LP purchased a new position in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $176,000. Finally, State of Alaska Department of Revenue boosted its position in Peapack-Gladstone Financial by 431.5% in the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after buying an additional 3,059 shares during the period. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC opened at $45.18 on Thursday. The firm has a market cap of $801.04 million, a PE ratio of 15.69 and a beta of 0.71. The firm has a fifty day moving average of $46.24 and a 200 day moving average of $41.23. 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 posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The company had revenue of $86.05 million for the quarter, compared to analysts’ expectations of $85.17 million. On average, equities analysts predict that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

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

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.