Peapack-Gladstone Financial’s (PGC) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $39.00 price target on the financial services provider’s stock, up from their prior price target of $35.00.

PGC has been the subject of several other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.33.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC opened at $33.49 on Friday. Peapack-Gladstone Financial has a 1 year low of $23.96 and a 1 year high of $35.68. The stock has a market capitalization of $588.08 million, a price-to-earnings ratio of 15.87 and a beta of 0.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. The company’s 50 day simple moving average is $31.02 and its 200 day simple moving average is $28.81.

Peapack-Gladstone Financial (NASDAQ:PGC) last released 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 5.91% and a net margin of 8.40%.The firm had revenue of $77.67 million during the quarter. As a group, research analysts predict that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were given a $0.05 dividend. The ex-dividend date was Thursday, February 12th. This represents a $0.20 annualized dividend and a yield of 0.6%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 9.48%.

Insider Activity at Peapack-Gladstone Financial

In other 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in Peapack-Gladstone Financial by 67.0% during the 3rd 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 during the last quarter. Salzhauer Michael lifted its holdings in shares of Peapack-Gladstone Financial by 79.2% during the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock worth $7,028,000 after purchasing an additional 112,504 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after purchasing an additional 78,135 shares during the last quarter. Millennium Management LLC increased its holdings in Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after purchasing an additional 71,932 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Peapack-Gladstone Financial in the fourth quarter valued at $1,965,000. 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.