Peapack-Gladstone Financial (NASDAQ:PGC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Peapack-Gladstone Financial (NASDAQ:PGC) had its price target boosted by analysts at Piper Sandler from $50.00 to $54.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 14.58% from the stock’s previous close.

Separately, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Peapack-Gladstone Financial Stock Up 1.6%

PGC stock traded up $0.73 during midday trading on Friday, reaching $47.13. The stock had a trading volume of 23,805 shares, compared to its average volume of 128,831. The firm has a market cap of $835.09 million, a price-to-earnings ratio of 19.00 and a beta of 0.72. Peapack-Gladstone Financial has a twelve month low of $24.42 and a twelve month high of $47.46. The business has a fifty day simple moving average of $42.87 and a two-hundred day simple moving average of $36.01.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.14. The business had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. On average, equities analysts predict that Peapack-Gladstone Financial will post 3.69 earnings per share for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director directly owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after buying an additional 456,828 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Peapack-Gladstone Financial by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock worth $36,445,000 after buying an additional 14,582 shares during the period. Vanguard Group Inc. grew its stake in Peapack-Gladstone Financial by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after buying an additional 28,489 shares in the last quarter. State Street Corp grew its stake in Peapack-Gladstone Financial by 6.2% in the 4th quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after buying an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Peapack-Gladstone Financial by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock valued at $12,605,000 after acquiring an additional 5,260 shares during the period. 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.