Peapack-Gladstone Financial (NASDAQ:PGC) Earns Overweight Rating from Piper Sandler

Peapack-Gladstone Financial (NASDAQ:PGC)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research note issued on Friday,Benzinga reports. They currently have a $39.00 price target on the financial services provider’s stock, up from their prior price target of $35.00. Piper Sandler’s target price would suggest a potential upside of 17.35% from the company’s previous close.

A number of other brokerages have also recently weighed in on PGC. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods upped their price objective on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of “Moderate Buy” and an average target price of $39.33.

Peapack-Gladstone Financial Trading Down 3.2%

Shares of NASDAQ PGC traded down $1.10 during mid-day trading on Friday, reaching $33.24. 34,348 shares of the company’s stock were exchanged, compared to its average volume of 128,863. The company’s 50-day moving average is $30.94 and its 200-day moving average is $28.73. The firm has a market capitalization of $583.61 million, a price-to-earnings ratio of 15.75 and a beta of 0.73. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $35.68. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its 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 during the quarter. Analysts expect that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Maureen Hemhauser sold 5,272 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.63% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of large investors have recently made changes to their positions in PGC. Mendon Capital Advisors Corp increased its stake in Peapack-Gladstone Financial by 63.4% in the 4th quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider’s stock valued at $1,105,000 after buying an additional 15,400 shares during the period. Empowered Funds LLC boosted its holdings in shares of Peapack-Gladstone Financial by 4.5% in the fourth quarter. Empowered Funds LLC now owns 68,759 shares of the financial services provider’s stock valued at $1,915,000 after acquiring an additional 2,988 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Peapack-Gladstone Financial during the fourth quarter worth about $283,000. Polymer Capital Management US LLC purchased a new position in Peapack-Gladstone Financial during the fourth quarter worth about $390,000. Finally, Occudo Quantitative Strategies LP lifted its position in Peapack-Gladstone Financial by 23.3% in the fourth quarter. Occudo Quantitative Strategies LP now owns 13,864 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 2,617 shares during the period. 72.75% of the stock is owned by institutional investors and hedge funds.

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.