Peapack-Gladstone Financial Corporation (NASDAQ:PGC – Get Free Report) has earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $56.33.
A number of research firms have recently commented on PGC. Wall Street Zen lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Raymond James Financial lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, October 29th. Weiss Ratings raised Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Zacks Research downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd.
View Our Latest Research Report on PGC
Insider Buying and Selling
In other Peapack-Gladstone Financial news, EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the transaction, the executive vice president directly owned 12,622 shares of the company’s stock, valued at $563,698.52. This trade represents a 9.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $45.32, for a total value of $104,100.04. Additional details regarding this sale are available in the official SEC disclosure. 5.75% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of PGC. Farther Finance Advisors LLC grew its stake in Peapack-Gladstone Financial by 241.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 612 shares of the financial services provider’s stock worth $27,000 after buying an additional 433 shares in the last quarter. Royal Bank of Canada raised its position in shares of Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after buying an additional 529 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter worth $50,000. Parallel Advisors LLC lifted its holdings in shares of Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,164 shares during the last quarter. Finally, USA Financial Formulas bought a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter worth $72,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.
Peapack-Gladstone Financial Stock Up 1.4%
NASDAQ PGC opened at $46.53 on Tuesday. The firm has a market cap of $824.98 million, a P/E ratio of 14.22 and a beta of 0.74. The company’s 50 day moving average is $44.93 and its 200-day moving average is $41.67. Peapack-Gladstone Financial has a 12-month low of $24.75 and a 12-month high of $49.14.
Peapack-Gladstone Financial (NASDAQ:PGC – Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. Peapack-Gladstone Financial had a net margin of 12.69% and a return on equity of 9.12%. The business had revenue of $88.50 million during the quarter, compared to analyst estimates of $90.13 million. Equities analysts expect that Peapack-Gladstone Financial will post 3.62 EPS for the current year.
Peapack-Gladstone Financial Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 12th. Peapack-Gladstone Financial’s dividend payout ratio is presently 6.01%.
About Peapack-Gladstone Financial
Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.
Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.
Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.
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