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

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have earned a consensus rating of “Buy” from the five brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $56.33.

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. 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. Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Piper Sandler increased 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. Finally, Wall Street Zen cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th.

Peapack-Gladstone Financial Price Performance

Shares of PGC opened at $43.43 on Friday. Peapack-Gladstone Financial has a one year low of $24.71 and a one year high of $49.14. The firm has a market capitalization of $770.01 million, a P/E ratio of 14.88 and a beta of 0.72. The business has a fifty day moving average of $45.02 and a 200 day moving average of $43.93.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). The firm had revenue of $86.05 million during the quarter, compared to the consensus estimate of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. Analysts expect that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio is 6.94%.

Insiders Place Their Bets

In related news, EVP Maureen Hemhauser sold 2,297 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $45.32, for a total value of $104,100.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the transaction, the executive vice president owned 12,622 shares in the company, valued at $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PGC. Fortitude Family Office LLC bought a new position in shares of Peapack-Gladstone Financial during the 3rd quarter valued at approximately $50,000. Farther Finance Advisors LLC raised its stake in Peapack-Gladstone Financial by 241.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 433 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Peapack-Gladstone Financial during the 2nd quarter worth approximately $293,000. Engineers Gate Manager LP purchased a new position in Peapack-Gladstone Financial during the second quarter valued at approximately $219,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Peapack-Gladstone Financial during the second quarter valued at approximately $119,000. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.