Piper Sandler Upgrades Peapack-Gladstone Financial (NASDAQ:PGC) to Overweight

Peapack-Gladstone Financial (NASDAQ:PGC) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat reports. The firm presently has a $35.00 target price on the financial services provider’s stock, up from their previous target price of $30.00. Piper Sandler’s price objective suggests a potential upside of 10.24% from the company’s previous close.

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $31.75 on Wednesday. The stock has a market capitalization of $561.34 million, a PE ratio of 17.54 and a beta of 0.99. The business’s fifty day moving average price is $27.67 and its 200 day moving average price is $24.98. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. Peapack-Gladstone Financial has a 12-month low of $20.30 and a 12-month high of $32.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.60%. The firm had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Equities research analysts forecast that Peapack-Gladstone Financial will post 1.75 EPS for the current year.

Insider Buying and Selling

In related news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now directly owns 52,155 shares in the company, valued at $1,402,447.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 7.63% of the stock is currently owned by insiders.

Institutional Trading of Peapack-Gladstone Financial

Several large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Peapack-Gladstone Financial by 68.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,350 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Peapack-Gladstone Financial by 90.4% in the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after buying an additional 3,987 shares in the last quarter. Denali Advisors LLC purchased a new stake in Peapack-Gladstone Financial in the 1st quarter worth approximately $204,000. Algert Global LLC acquired a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $209,000. Finally, Sei Investments Co. purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $214,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Company Profile

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.