Peapack-Gladstone Financial (NASDAQ:PGC) Given New $35.00 Price Target at Keefe, Bruyette & Woods

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective trimmed by Keefe, Bruyette & Woods from $38.00 to $35.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Raymond James Financial assumed coverage on shares of Peapack-Gladstone Financial in a research report on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 price target for the company. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Saturday, June 7th.

Peapack-Gladstone Financial Stock Up 2.0%

Shares of NASDAQ:PGC opened at $26.40 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market cap of $468.34 million, a PE ratio of 14.43 and a beta of 0.86. Peapack-Gladstone Financial has a 52 week low of $23.96 and a 52 week high of $37.88. The firm has a 50 day simple moving average of $28.18 and a 200 day simple moving average of $29.28.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.16). The firm had revenue of $69.74 million during the quarter, compared to analysts’ expectations of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.29%. As a group, research analysts expect that Peapack-Gladstone Financial will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.76%. Peapack-Gladstone Financial’s payout ratio is 10.93%.

Insider Transactions at Peapack-Gladstone Financial

In related news, CEO Douglas L. Kennedy bought 3,720 shares of the business’s stock in a transaction on Wednesday, July 23rd. The stock was bought at an average price of $26.24 per share, for a total transaction of $97,612.80. Following the transaction, the chief executive officer directly owned 39,129 shares in the company, valued at $1,026,744.96. This represents a 10.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 7.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC increased its stake in shares of Peapack-Gladstone Financial by 338.9% during the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 705 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Peapack-Gladstone Financial by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 36,235 shares of the financial services provider’s stock worth $1,024,000 after purchasing an additional 535 shares during the last quarter. Strs Ohio acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth $508,000. Acadian Asset Management LLC increased its stake in shares of Peapack-Gladstone Financial by 2.4% during the 1st quarter. Acadian Asset Management LLC now owns 95,821 shares of the financial services provider’s stock worth $2,721,000 after purchasing an additional 2,288 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth $235,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

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.