Peapack-Gladstone Financial’s (PGC) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a research report released on Friday morning,Benzinga reports. They currently have a $39.00 target price on the financial services provider’s stock, up from their prior target price of $35.00.

Several other analysts have also recently weighed in on PGC. Keefe, Bruyette & Woods lifted their price objective on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.33.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC traded down $0.84 during mid-day trading on Friday, reaching $33.49. 201,079 shares of the company were exchanged, compared to its average volume of 155,393. The stock has a market capitalization of $588.08 million, a P/E ratio of 15.87 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The company’s 50-day simple moving average is $31.02 and its 200-day simple moving average is $28.78. Peapack-Gladstone Financial has a twelve month low of $23.96 and a twelve month high of $35.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.91%. The firm had revenue of $77.67 million for the quarter. As a group, research analysts predict that Peapack-Gladstone Financial will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. Peapack-Gladstone Financial’s payout ratio is 9.48%.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC increased its position in Peapack-Gladstone Financial by 338.9% during the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 705 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of 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 worth $104,000 after buying an additional 3,059 shares in the last quarter. Aquatic Capital Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 23.1% in the 3rd 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. Quantbot Technologies LP boosted its holdings in shares of Peapack-Gladstone Financial by 68.0% during the 3rd quarter. Quantbot Technologies LP now owns 7,381 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 2,987 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at $206,000. 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.