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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has been assigned an average rating of “Buy” from the five research firms that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $49.6667.

PGC has been the subject of several analyst reports. Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday. Piper Sandler lifted their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial upped their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th.

Peapack-Gladstone Financial Trading Up 1.5%

Peapack-Gladstone Financial stock opened at $46.38 on Friday. Peapack-Gladstone Financial has a 1-year low of $24.42 and a 1-year high of $49.14. The company has a fifty day simple moving average of $45.23 and a 200 day simple moving average of $38.59. The company has a market cap of $821.85 million, a P/E ratio of 18.70 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The firm had revenue of $82.49 million for the quarter, compared to analysts’ expectations of $79.17 million. On average, equities research analysts forecast that Peapack-Gladstone Financial will post 3.76 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In related news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director directly owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 8,100 shares of company stock worth $377,170. Corporate insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after acquiring an additional 456,828 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Peapack-Gladstone Financial by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after acquiring an additional 14,582 shares during the period. Vanguard Group Inc. grew its holdings in shares of Peapack-Gladstone Financial by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after purchasing an additional 28,489 shares in the last quarter. State Street Corp grew 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 purchasing an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Peapack-Gladstone Financial by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock worth $12,605,000 after purchasing an additional 5,260 shares during the period. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.