Piper Sandler Forecasts Strong Price Appreciation for Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective boosted by Piper Sandler from $54.00 to $58.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target suggests a potential upside of 25.76% from the stock’s current price.

A number of other analysts also recently commented on the stock. Raymond James Financial boosted 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. Wall Street Zen cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday. Zacks Research upgraded shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $51.00.

Peapack-Gladstone Financial Stock Down 3.4%

Peapack-Gladstone Financial stock traded down $1.60 during midday trading on Wednesday, hitting $46.12. The company’s stock had a trading volume of 111,050 shares, compared to its average volume of 150,726. The stock’s 50-day moving average price is $45.43 and its 200-day moving average price is $38.93. Peapack-Gladstone Financial has a 12 month low of $24.42 and a 12 month high of $49.14. The company has a market capitalization of $817.25 million, a PE ratio of 16.00 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.91%. The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. As a group, equities analysts anticipate that Peapack-Gladstone Financial will post 3.76 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the sale, the executive vice president directly owned 45,582 shares in the company, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the sale, the director directly owned 11,742 shares of the company’s stock, valued at $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 8,100 shares of company stock valued at $377,170. Company insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

A number of institutional investors and hedge funds have recently modified their holdings of PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 390 shares in the last quarter. Azora Capital LP grew its stake in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 431 shares during the period. PNC Financial Services Group Inc. increased its stake in Peapack-Gladstone Financial by 0.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after purchasing an additional 500 shares in the last quarter. Royal Bank of Canada increased its position 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 valued at $44,000 after buying an additional 529 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Peapack-Gladstone Financial by 7.2% during the 2nd quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after buying an additional 763 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.