Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Raised to $40.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective increased by Keefe, Bruyette & Woods from $35.00 to $40.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also weighed in on the stock. Piper Sandler raised their target price on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Zacks Research raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. One 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. Based on data from MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Peapack-Gladstone Financial Stock Up 3.6%

PGC stock opened at $34.61 on Monday. The company has a 50 day moving average price of $29.10 and a two-hundred day moving average price of $27.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $607.75 million, a P/E ratio of 17.84 and a beta of 0.73. Peapack-Gladstone Financial has a one year low of $23.96 and a one year high of $35.41.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, February 10th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The business had revenue of $77.67 million for the quarter, compared to analysts’ expectations of $73.69 million. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%. As a group, sell-side analysts expect that Peapack-Gladstone Financial will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, February 12th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.20 annualized dividend and a yield of 0.6%. Peapack-Gladstone Financial’s payout ratio is 10.31%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PGC. CWM LLC raised its position in shares of Peapack-Gladstone Financial by 338.9% in the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 705 shares in the last quarter. State of Alaska Department of Revenue raised its holdings 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 acquiring an additional 3,059 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in Peapack-Gladstone Financial by 23.1% during 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 stake in 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 during the last quarter. Finally, Inscription Capital LLC acquired a new position in Peapack-Gladstone Financial during the 4th quarter worth $210,000. 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.