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

Peapack-Gladstone Financial (NASDAQ:PGC) had its price target lifted by investment analysts at Piper Sandler from $39.00 to $41.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 13.23% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. One 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 company’s stock. According to MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock opened at $36.21 on Thursday. The business’s fifty day moving average is $33.83 and its two-hundred day moving average is $29.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $636.21 million, a P/E ratio of 17.16 and a beta of 0.63. Peapack-Gladstone Financial has a 52 week low of $23.96 and a 52 week high of $36.28.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a return on equity of 5.85% and a net margin of 8.40%.The company had revenue of $77.67 million during the quarter. Equities research analysts forecast that Peapack-Gladstone Financial will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after acquiring an additional 456,828 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after purchasing an additional 28,489 shares in the last quarter. State Street Corp lifted its holdings in shares of Peapack-Gladstone Financial by 6.2% during the 4th quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after purchasing an additional 31,917 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Peapack-Gladstone Financial by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock valued at $12,605,000 after purchasing an additional 5,260 shares during the period. Finally, Salzhauer Michael grew its position in shares of Peapack-Gladstone Financial by 5.7% in the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock valued at $7,498,000 after purchasing an additional 14,612 shares during the period. 72.75% of the stock is currently owned by institutional investors.

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.