Peapack-Gladstone Financial (NASDAQ:PGC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm currently has a $34.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.08% from the company’s current price.
According to Zacks, “The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality, personalized financial, trust and investment services to individuals and small businesses. “
Separately, StockNews.com started coverage on Peapack-Gladstone Financial in a report on Thursday, March 31st. They set a “buy” rating for the company.
Peapack-Gladstone Financial (NASDAQ:PGC – Get Rating) last announced its quarterly earnings data on Friday, April 29th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). Peapack-Gladstone Financial had a return on equity of 10.58% and a net margin of 24.20%. On average, sell-side analysts anticipate that Peapack-Gladstone Financial will post 3.24 earnings per share for the current fiscal year.
In other news, Director Steven A. Kass bought 1,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Tuesday, May 3rd. The stock was bought at an average price of $31.11 per share, for a total transaction of $31,110.00. Following the purchase, the director now directly owns 4,457 shares of the company’s stock, valued at approximately $138,657.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.25% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Morgan Stanley grew its position in shares of Peapack-Gladstone Financial by 60.4% during the 2nd quarter. Morgan Stanley now owns 4,680 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 1,762 shares during the period. Barclays PLC boosted its holdings in Peapack-Gladstone Financial by 17.0% in the 3rd quarter. Barclays PLC now owns 7,650 shares of the financial services provider’s stock worth $256,000 after buying an additional 1,110 shares during the last quarter. Citigroup Inc. boosted its holdings in Peapack-Gladstone Financial by 84.6% in the 3rd quarter. Citigroup Inc. now owns 2,315 shares of the financial services provider’s stock worth $77,000 after buying an additional 1,061 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Peapack-Gladstone Financial by 242.2% in the 3rd quarter. Goldman Sachs Group Inc. now owns 51,436 shares of the financial services provider’s stock worth $1,716,000 after buying an additional 36,403 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Peapack-Gladstone Financial by 15.2% in the 3rd quarter. American Century Companies Inc. now owns 43,428 shares of the financial services provider’s stock worth $1,449,000 after buying an additional 5,735 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors.
About Peapack-Gladstone Financial (Get Rating)
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.
- Get a free copy of the StockNews.com research report on Peapack-Gladstone Financial (PGC)
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