Peapack-Gladstone Financial (NASDAQ:PGC) Now Covered by Analysts at Piper Sandler

Piper Sandler started coverage on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a report issued on Monday morning. The brokerage issued an overweight rating and a $39.00 target price on the financial services provider’s stock.

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

Peapack-Gladstone Financial Price Performance

NASDAQ PGC opened at $34.02 on Monday. The company has a market cap of $597.73 million, a PE ratio of 16.12 and a beta of 0.70. The firm’s 50 day moving average price is $32.27 and its 200-day moving average price is $29.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $35.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data 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 5.85%. Sell-side analysts forecast that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

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

Insider Activity

In other news, EVP Maureen Hemhauser sold 5,272 shares of the company’s stock in a transaction on 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 SEC, which is available through this hyperlink. Insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its stake in 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 valued at $31,429,000 after buying an additional 456,828 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after acquiring an additional 28,489 shares during the last quarter. State Street Corp increased its holdings in shares of Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after acquiring an additional 31,917 shares in the last quarter. Geode Capital Management LLC raised 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 last quarter. Finally, Salzhauer Michael raised 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 last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.

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.