Raymond James Financial Forecasts Strong Price Appreciation for Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial (NASDAQ:PGC) had its target price raised by analysts at Raymond James Financial from $49.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the financial services provider’s stock. Raymond James Financial’s price objective would indicate a potential upside of 13.46% from the stock’s previous close.

PGC has been the subject of several other reports. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Piper Sandler increased their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $49.67.

Peapack-Gladstone Financial Stock Performance

Shares of PGC traded up $1.15 during mid-day trading on Wednesday, hitting $48.48. 61,272 shares of the stock were exchanged, compared to its average volume of 134,091. The company has a market cap of $858.98 million, a PE ratio of 19.56 and a beta of 0.72. Peapack-Gladstone Financial has a 52-week low of $24.42 and a 52-week high of $48.62. The firm has a 50-day moving average of $43.39 and a two-hundred day moving average of $36.42.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results 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. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The company had revenue of $82.49 million for the quarter, compared to analysts’ expectations of $79.17 million. On average, sell-side analysts predict that Peapack-Gladstone Financial will post 3.76 EPS for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at approximately $1,241,170. The trade was a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president directly owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This represents a 9.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,100 shares of company stock valued at $377,170 in the last three months. Company insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors and hedge funds have recently bought and sold shares of PGC. Parallel Advisors LLC lifted its position in shares of Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Peapack-Gladstone Financial during the 1st quarter worth $252,000. Bank of America Corp DE increased its position in Peapack-Gladstone Financial by 18.9% during the 1st quarter. Bank of America Corp DE now owns 92,803 shares of the financial services provider’s stock valued at $3,268,000 after buying an additional 14,730 shares in the last quarter. Amundi acquired a new position in Peapack-Gladstone Financial during the 1st quarter valued at about $282,000. Finally, Royal Bank of Canada raised its stake in Peapack-Gladstone Financial by 73.2% in the first 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 during the last quarter. 72.75% of the stock is owned by institutional investors.

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.