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

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have earned a consensus recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $49.6667.

PGC has been the topic of a number of recent analyst reports. Raymond James Financial boosted their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Piper Sandler raised their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. 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. Finally, Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 26th.

Insider Transactions at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the sale, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP John P. Babcock sold 5,000 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the transaction, the executive vice president owned 45,582 shares in the company, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 8,100 shares of company stock worth $377,170. Insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of Peapack-Gladstone Financial by 73.2% during the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 529 shares during the last quarter. Parallel Advisors LLC increased its position in Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,164 shares during the period. OP Asset Management Ltd acquired a new stake in Peapack-Gladstone Financial in the first quarter worth about $116,000. State of Alaska Department of Revenue raised its holdings in Peapack-Gladstone Financial by 431.5% during the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 3,059 shares during the last quarter. Finally, Aquatic Capital Management LLC lifted its position in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 985 shares during the period. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Trading Down 1.7%

Shares of PGC opened at $47.03 on Wednesday. The stock has a market cap of $833.37 million, a PE ratio of 18.96 and a beta of 0.71. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $49.14. The stock has a 50 day simple moving average of $44.20 and a 200-day simple moving average of $37.05.

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

Peapack-Gladstone Financial Company Profile

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.