Peapack-Gladstone Financial (NASDAQ:PGC) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a buy rating in a research note issued to investors on Saturday.

Several other equities analysts have also weighed in on PGC. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Piper Sandler lifted their price target on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Raymond James Financial upped their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Buy” and an average price target of $49.67.

Peapack-Gladstone Financial Stock Down 2.4%

NASDAQ PGC opened at $46.10 on Friday. Peapack-Gladstone Financial has a 52 week low of $24.42 and a 52 week high of $49.14. The business’s fifty day simple moving average is $44.80 and its 200-day simple moving average is $37.96. The firm has a market cap of $816.80 million, a PE ratio of 18.59 and a beta of 0.71.

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

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. The trade was a 4.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PGC. Wellington Management Group LLP lifted its holdings in Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after buying an additional 456,828 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after acquiring an additional 78,135 shares in the last quarter. Millennium Management LLC grew its stake in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock worth $3,991,000 after acquiring an additional 71,932 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial during the fourth quarter worth $1,965,000. Finally, Walleye Capital LLC increased its position in shares of Peapack-Gladstone Financial by 525.8% during the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock worth $1,995,000 after acquiring an additional 60,183 shares during the period. Hedge funds and other institutional investors own 72.75% of the company’s stock.

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.