Wall Street Zen Upgrades Peapack-Gladstone Financial (NASDAQ:PGC) to Buy

Peapack-Gladstone Financial (NASDAQ:PGC) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other equities research analysts have also recently commented on PGC. Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Raymond James Financial raised their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Piper Sandler upped their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat, Peapack-Gladstone Financial has a consensus rating of “Buy” and a consensus target price of $49.67.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC opened at $46.10 on Friday. The firm’s 50-day moving average is $44.80 and its two-hundred day moving average is $37.96. The company has a market capitalization of $816.89 million, a PE ratio of 18.59 and a beta of 0.71. Peapack-Gladstone Financial has a 12-month low of $24.42 and a 12-month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. On average, analysts forecast that Peapack-Gladstone Financial will post 3.76 EPS for the current fiscal year.

Insider Activity at Peapack-Gladstone Financial

In related news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the sale, the executive vice president owned 26,075 shares in the company, valued at approximately $1,241,170. This trade represents a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 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 Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently made changes to their positions in PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 purchasing an additional 390 shares during the period. Azora Capital LP grew its stake in shares of Peapack-Gladstone Financial by 4.1% during the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $308,000 after buying an additional 431 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Peapack-Gladstone Financial by 0.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after buying an additional 500 shares during the period. Royal Bank of Canada increased its holdings in shares of Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after buying an additional 529 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

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.