Piper Sandler Reiterates “Overweight” Rating for Peapack-Gladstone Financial (NASDAQ:PGC)

Peapack-Gladstone Financial (NASDAQ:PGC)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a report issued on Friday,Benzinga reports. They currently have a $39.00 target price on the financial services provider’s stock, up from their previous target price of $35.00. Piper Sandler’s price target suggests a potential upside of 16.45% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods boosted their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $33.49 on Friday. The company has a 50 day moving average of $31.02 and a 200-day moving average of $28.80. The firm has a market cap of $588.08 million, a price-to-earnings ratio of 15.87 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial has a 1-year low of $23.96 and a 1-year high of $35.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Thursday, January 29th. The financial services provider reported $0.69 EPS for the quarter. The company had revenue of $77.67 million during the quarter. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.91%. On average, equities analysts forecast that Peapack-Gladstone Financial will post 2.71 earnings per share for the current fiscal year.

Insider Activity

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 5,272 shares of the business’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $35.59, for a total transaction of $187,630.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.63% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Large investors have recently bought and sold shares of the business. Mendon Capital Advisors Corp increased its position in shares of Peapack-Gladstone Financial by 63.4% during the fourth quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider’s stock worth $1,105,000 after acquiring an additional 15,400 shares in the last quarter. Empowered Funds LLC boosted its stake in Peapack-Gladstone Financial by 4.5% in the 4th quarter. Empowered Funds LLC now owns 68,759 shares of the financial services provider’s stock worth $1,915,000 after purchasing an additional 2,988 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Peapack-Gladstone Financial during the 4th quarter valued at $283,000. Polymer Capital Management US LLC purchased a new stake in shares of Peapack-Gladstone Financial in the 4th quarter valued at about $390,000. Finally, Occudo Quantitative Strategies LP lifted its stake in Peapack-Gladstone Financial by 23.3% during the fourth quarter. Occudo Quantitative Strategies LP now owns 13,864 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 2,617 shares during the last quarter. 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.