Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Raised to $44.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective boosted by Keefe, Bruyette & Woods from $38.00 to $44.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Separately, Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Price Performance

PGC opened at $36.61 on Wednesday. Peapack-Gladstone Financial has a 12-month low of $20.30 and a 12-month high of $37.88. The business’s fifty day simple moving average is $32.48 and its 200-day simple moving average is $27.44. The company has a market capitalization of $643.79 million, a price-to-earnings ratio of 20.23 and a beta of 0.98. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. On average, equities research analysts anticipate that Peapack-Gladstone Financial will post 1.82 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the completion of the transaction, the executive vice president now directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 7.63% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PGC. Point72 Asset Management L.P. increased its position in shares of Peapack-Gladstone Financial by 157.5% in the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,468 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased 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 valued at $75,000 after buying an additional 1,350 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $209,000. Janus Henderson Group PLC purchased a new stake in shares of Peapack-Gladstone Financial in the third quarter valued at approximately $211,000. Finally, Sei Investments Co. purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $214,000. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.