Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Given Consensus Recommendation of “Buy” by Brokerages

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) has received an average rating of “Buy” from the five ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $56.3333.

A number of research firms have commented on PGC. Keefe, Bruyette & Woods reissued a “moderate buy” rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Raymond James Financial upped their target price on shares of 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 cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Piper Sandler upped their price objective on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th.

Insider Buying and Selling

In related news, EVP Lisa Chalkan sold 1,100 shares of the company’s stock in a transaction that occurred on 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. This represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the sale, the director owned 11,742 shares of the company’s stock, valued at $524,045.46. This trade represents a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 8,100 shares of company stock valued at $377,170 in the last ninety days. Company insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Peapack-Gladstone Financial in the first quarter worth about $638,000. Salzhauer Michael raised its holdings in Peapack-Gladstone Financial by 5.7% in the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock worth $7,498,000 after acquiring an additional 14,612 shares during the period. Watershed Asset Management L.L.C. bought a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at approximately $463,000. Greenwich Wealth Management LLC acquired a new position in Peapack-Gladstone Financial in the 4th quarter valued at approximately $418,000. Finally, Sei Investments Co. raised its position in Peapack-Gladstone Financial by 66.3% in the first quarter. Sei Investments Co. now owns 48,036 shares of the financial services provider’s stock worth $1,691,000 after purchasing an additional 19,150 shares in the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Down 2.8%

Shares of PGC stock opened at $45.06 on Thursday. The company has a market cap of $798.91 million, a price-to-earnings ratio of 15.65 and a beta of 0.71. The firm has a 50 day moving average of $46.24 and a 200-day moving average of $40.82. Peapack-Gladstone Financial has a 52 week low of $24.71 and a 52 week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Monday, July 27th. 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 7.82% and a net margin of 11.09%.The business had revenue of $86.05 million for the quarter, compared to analyst estimates of $85.17 million. Analysts anticipate that Peapack-Gladstone Financial will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

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

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.