Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Stock Has Consensus Target Price of $56.33 According to Brokerages

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have received a consensus rating of “Buy” from the five brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $56.33.

Several equities research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and set a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Raymond James Financial lifted their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Finally, Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC opened at $43.37 on Friday. The company has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $43.69. The firm has a market cap of $768.95 million, a PE ratio of 15.06 and a beta of 0.72. Peapack-Gladstone Financial has a 12-month low of $24.71 and a 12-month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results 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). The company had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. As a group, equities research analysts forecast that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 6.94%.

Insider Buying and Selling

In other news, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the transaction, the executive vice president owned 12,622 shares in the company, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Maureen Hemhauser sold 2,297 shares of the business’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The SEC filing for this sale provides additional information. Company insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

A number of large investors have recently modified their holdings of the company. Farther Finance Advisors LLC increased its position in Peapack-Gladstone Financial by 241.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 433 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Peapack-Gladstone Financial during the second quarter valued at $293,000. Engineers Gate Manager LP bought a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at about $219,000. Integrated Wealth Concepts LLC bought a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at about $119,000. Finally, Sigma Planning Corp bought a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at about $237,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is a bank holding company headquartered in Bedminster, New Jersey. It operates primarily through Peapack-Gladstone Bank, a full-service financial institution serving individuals, families, businesses and institutions.

The bank provides commercial and retail banking services, including deposit accounts, commercial and residential lending, mortgages, cash-management services and other treasury-management solutions. It also offers wealth management services such as investment management, trust and fiduciary services, financial planning and private banking.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the New York metropolitan area, including businesses and affluent individuals in those markets.