Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Raised to $58.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its price target raised by Piper Sandler from $54.00 to $58.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also recently commented on the company. Raymond James Financial raised their target price 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. 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 lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Finally, Weiss Ratings raised shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $51.00.

Peapack-Gladstone Financial Stock Performance

PGC opened at $45.98 on Wednesday. Peapack-Gladstone Financial has a 52-week low of $24.42 and a 52-week high of $49.14. The firm has a market cap of $814.77 million, a P/E ratio of 15.97 and a beta of 0.71. The business’s fifty day moving average is $45.62 and its 200-day moving average is $39.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Sunday, July 26th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.91% and a net margin of 11.09%.The business had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. On average, research analysts predict that Peapack-Gladstone Financial will post 3.58 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 6.94%.

Insider Buying and Selling

In other news, EVP Lisa Chalkan sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were 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 approximately $1,241,170. This represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John P. Babcock sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,100 shares of company stock worth $377,170 in the last quarter. Corporate insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGC. Royal Bank of Canada increased its position in 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 valued at $44,000 after acquiring an additional 529 shares during the last quarter. Parallel Advisors LLC grew its stake 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 in the last quarter. OP Asset Management Ltd bought a new position in Peapack-Gladstone Financial during the 1st quarter worth about $116,000. State of Alaska Department of Revenue boosted its position in Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 3,059 shares in the last quarter. Finally, Aquatic Capital Management LLC lifted its position in Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 985 shares during the last quarter. 72.75% of the stock is owned by institutional investors.

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.