Peapack-Gladstone Financial (NASDAQ:PGC) Stock Rating Upgraded by Wall Street Zen

Peapack-Gladstone Financial (NASDAQ:PGC) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

PGC has been the subject of several other reports. Zacks Research raised Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Raymond James Financial boosted their target price on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Piper Sandler raised their price target on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $49.67.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC opened at $46.10 on Friday. The stock has a market capitalization of $816.89 million, a price-to-earnings ratio of 18.59 and a beta of 0.71. Peapack-Gladstone Financial has a 52 week low of $24.42 and a 52 week high of $49.14. The firm has a 50-day moving average price of $44.80 and a 200 day moving average price of $38.03.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. The company had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Equities research analysts expect that Peapack-Gladstone Financial will post 3.76 EPS for the current fiscal year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John P. Babcock sold 5,000 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the completion of the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 8,100 shares of company stock worth $377,170. 5.75% of the stock is owned by insiders.

Institutional Trading of Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salzhauer Michael grew its holdings in shares of Peapack-Gladstone Financial by 5.7% during the fourth quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock worth $7,498,000 after buying an additional 14,612 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Peapack-Gladstone Financial during the first quarter valued at approximately $638,000. Greenwich Wealth Management LLC purchased a new position in shares of Peapack-Gladstone Financial during the fourth quarter valued at approximately $418,000. Watershed Asset Management L.L.C. acquired a new stake in Peapack-Gladstone Financial during the first quarter worth approximately $463,000. Finally, PL Capital Advisors LLC acquired a new stake in Peapack-Gladstone Financial during the fourth quarter worth approximately $1,267,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.