Brokerages Set Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Price Target at $36.33

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) have earned an average rating of “Moderate Buy” from the four brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $37.00.

Several analysts recently issued reports on PGC shares. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, October 17th. Keefe, Bruyette & Woods cut their target price on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Friday, September 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Wednesday, October 8th.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the completion of the transaction, the executive vice president directly owned 5,427 shares in the company, valued at $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lisa Chalkan sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $29.65, for a total transaction of $74,125.00. Following the completion of the transaction, the executive vice president owned 23,602 shares of the company’s stock, valued at approximately $699,799.30. The trade was a 9.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,702 shares of company stock valued at $167,461. Company insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC boosted its position in shares of Peapack-Gladstone Financial by 338.9% during the second quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 705 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Peapack-Gladstone Financial by 38.1% during the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 2,251 shares during the last quarter. Merit Financial Group LLC bought a new position in shares of Peapack-Gladstone Financial during the third quarter worth $226,000. Mendon Capital Advisors Corp bought a new position in shares of Peapack-Gladstone Financial during the first quarter worth $235,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Peapack-Gladstone Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 390 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC opened at $27.02 on Tuesday. The firm has a 50 day moving average of $28.17 and a 200 day moving average of $27.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $476.90 million, a price-to-earnings ratio of 14.77 and a beta of 0.88. Peapack-Gladstone Financial has a 12-month low of $23.96 and a 12-month high of $37.88.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Thursday, November 6th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, November 6th. Peapack-Gladstone Financial’s dividend payout ratio is presently 10.93%.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.