Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report)‘s stock had its “outperform” rating reissued by research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Monday,Benzinga reports. They currently have a $56.00 target price on the financial services provider’s stock, up from their previous target price of $55.00. Keefe, Bruyette & Woods’ price target suggests a potential upside of 20.38% from the company’s current price.
Several other brokerages have also recently issued reports on PGC. Raymond James Financial raised 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 report on Wednesday, July 1st. Piper Sandler boosted their target price on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Wall Street Zen cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $56.33.
Check Out Our Latest Research Report on Peapack-Gladstone Financial
Peapack-Gladstone Financial Price Performance
Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report) last issued its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.91% and a net margin of 11.09%.The company had revenue of $86.05 million during the quarter, compared to the consensus estimate of $85.17 million. On average, equities analysts forecast that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.
Insider Buying and Selling
In other news, EVP Lisa Chalkan sold 1,100 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the sale, the executive vice president directly owned 26,075 shares in the company, valued at $1,241,170. The trade was a 4.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the company’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 sale, the director owned 11,742 shares in the company, valued at $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 8,100 shares of company stock worth $377,170. Insiders own 5.75% of the company’s stock.
Institutional Investors Weigh In On Peapack-Gladstone Financial
Several institutional investors have recently modified their holdings of PGC. Royal Bank of Canada boosted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares during the period. Parallel Advisors LLC lifted its position in Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after buying an additional 1,164 shares during the last quarter. State of Alaska Department of Revenue lifted its position 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 worth $104,000 after buying an additional 3,059 shares during the last quarter. OP Asset Management Ltd purchased a new position in Peapack-Gladstone Financial during the first quarter worth $116,000. Finally, Aquatic Capital Management LLC boosted its stake in 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. 72.75% of the stock is owned by institutional investors.
About Peapack-Gladstone Financial
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.
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