Peapack-Gladstone Financial (NASDAQ:PGC) Upgraded by Piper Sandler to “Overweight”

Piper Sandler upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday, MarketBeat.com reports. They currently have $35.00 price objective on the financial services provider’s stock, up from their prior price objective of $30.00.

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

Peapack-Gladstone Financial Stock Performance

NASDAQ:PGC opened at $31.20 on Wednesday. Peapack-Gladstone Financial has a twelve month low of $20.30 and a twelve month high of $31.71. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The stock has a market cap of $551.62 million, a P/E ratio of 16.68 and a beta of 0.99. The business’s 50-day moving average price is $27.55 and its two-hundred day moving average price is $24.93.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06. The business had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. As a group, equities analysts predict that Peapack-Gladstone Financial will post 1.75 EPS for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now owns 52,155 shares in the company, valued at $1,402,447.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 buying an additional 1,350 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 3,987 shares during the period. Denali Advisors LLC bought a new stake in shares of Peapack-Gladstone Financial in the first quarter worth about $204,000. Algert Global LLC purchased a new position in Peapack-Gladstone Financial during the 2nd quarter valued at about $209,000. Finally, Sei Investments Co. bought a new position in Peapack-Gladstone Financial during the 2nd quarter valued at approximately $214,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

About Peapack-Gladstone Financial

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.