Piper Sandler Reiterates Overweight Rating for Peapack-Gladstone Financial (NASDAQ:PGC)

Peapack-Gladstone Financial (NASDAQ:PGC)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a research report issued on Friday,Benzinga reports. They presently have a $39.00 target price on the financial services provider’s stock, up from their previous target price of $35.00. Piper Sandler’s price target would suggest a potential upside of 17.35% from the company’s current price.

Several other research analysts have also issued reports on the company. Keefe, Bruyette & Woods boosted their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Peapack-Gladstone Financial has an average rating of “Moderate Buy” and a consensus price target of $39.33.

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock traded down $1.10 during trading hours on Friday, reaching $33.24. The company’s stock had a trading volume of 34,348 shares, compared to its average volume of 128,863. The firm has a 50 day moving average price of $30.94 and a 200-day moving average price of $28.73. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market cap of $583.61 million, a P/E ratio of 15.75 and a beta of 0.73. Peapack-Gladstone Financial has a one year low of $23.96 and a one year high of $35.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. The business had revenue of $77.67 million for the quarter. Peapack-Gladstone Financial had a return on equity of 5.91% and a net margin of 8.40%. On average, analysts predict that Peapack-Gladstone Financial will post 2.71 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 7.63% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Peapack-Gladstone Financial by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after acquiring an additional 28,489 shares during the last quarter. State Street Corp raised its holdings in shares of Peapack-Gladstone Financial by 6.2% during the 4th quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock worth $15,302,000 after acquiring an additional 31,917 shares during the period. Geode Capital Management LLC boosted its position in shares of Peapack-Gladstone Financial by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock valued at $12,605,000 after acquiring an additional 5,260 shares during the last quarter. Finally, Salzhauer Michael grew its holdings in shares of Peapack-Gladstone Financial by 5.7% in the fourth quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock valued at $7,498,000 after purchasing an additional 14,612 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.