Piper Sandler Forecasts Strong Price Appreciation for Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial (NASDAQ:PGC) had its target price raised by equities researchers at Piper Sandler from $39.00 to $41.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price indicates a potential upside of 14.80% from the stock’s current price.

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

Peapack-Gladstone Financial Stock Down 0.1%

Peapack-Gladstone Financial stock traded down $0.04 during midday trading on Thursday, reaching $35.72. The company’s stock had a trading volume of 18,775 shares, compared to its average volume of 131,052. The company has a market cap of $627.55 million, a P/E ratio of 16.91 and a beta of 0.70. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $33.60 and a 200-day simple moving average of $29.75. Peapack-Gladstone Financial has a fifty-two week low of $23.96 and a fifty-two week high of $36.03.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.69 EPS for the quarter. The business had revenue of $77.67 million for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%. On average, research analysts expect that Peapack-Gladstone Financial will post 2.71 earnings per share for the current fiscal year.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial 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 SEC, which can be accessed through this hyperlink. 5.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PGC. State of Alaska Department of Revenue increased its stake in Peapack-Gladstone Financial by 431.5% in 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 during the period. Aquatic Capital Management LLC boosted its stake in shares of 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 worth $145,000 after buying an additional 985 shares during the period. CWM LLC grew its holdings in shares of Peapack-Gladstone Financial by 622.5% during the third quarter. CWM LLC now owns 6,596 shares of the financial services provider’s stock worth $182,000 after buying an additional 5,683 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Peapack-Gladstone Financial by 68.0% during the third quarter. Quantbot Technologies LP now owns 7,381 shares of the financial services provider’s stock worth $204,000 after buying an additional 2,987 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Peapack-Gladstone Financial in the 4th quarter valued at about $206,000. 72.75% of the stock is owned by hedge funds and other 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.