Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Receives $56.33 Consensus PT from Analysts

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has been assigned an average rating of “Buy” from the five brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $56.3333.

A number of research firms recently weighed in on PGC. Raymond James Financial upped their target price on shares of 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. Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Keefe, Bruyette & Woods reiterated 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. Finally, Piper Sandler raised their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the transaction, the executive vice president owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the transaction, the executive vice president owned 26,075 shares in the company, valued at $1,241,170. This represents a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,350 shares of company stock valued at $343,735 over the last ninety days. Insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $75,599,000. Basswood Capital Management L.L.C. acquired a new stake in shares of Peapack-Gladstone Financial during the second quarter worth $13,778,000. Bank of America Corp DE acquired a new stake in shares of Peapack-Gladstone Financial during the second quarter worth $5,411,000. Empowered Funds LLC purchased a new position in Peapack-Gladstone Financial in the 2nd quarter valued at $3,841,000. Finally, Bank of New York Mellon Corp purchased a new position in Peapack-Gladstone Financial during the 2nd quarter worth $2,292,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $45.28 on Monday. Peapack-Gladstone Financial has a fifty-two week low of $24.71 and a fifty-two week high of $49.14. The company has a 50 day moving average price of $45.90 and a 200 day moving average price of $42.60. The stock has a market capitalization of $802.72 million, a P/E ratio of 15.72 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 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 business had revenue of $86.05 million during the quarter, compared to analysts’ expectations of $85.17 million. On average, research analysts forecast that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a $0.05 dividend. The ex-dividend date was Thursday, August 13th. This represents a $0.20 annualized dividend 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 a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank’s offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.