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

Piper Sandler upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a neutral rating to an overweight rating in a research report report published on Wednesday morning, MarketBeat reports. The brokerage currently has $35.00 target price on the financial services provider’s stock, up from their previous target price of $30.00.

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

Peapack-Gladstone Financial Trading Up 7.7 %

NASDAQ PGC opened at $31.20 on Wednesday. The firm has a market capitalization of $551.62 million, a PE ratio of 16.68 and a beta of 0.99. The stock’s 50 day moving average is $27.55 and its 200 day moving average is $24.93. 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.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. The firm had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million. Research analysts forecast that Peapack-Gladstone Financial will post 1.75 earnings per share for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the sale, the executive vice president now directly owns 52,155 shares in the company, valued at approximately $1,402,447.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently made changes to their positions in PGC. Price T Rowe Associates Inc. MD lifted its position in Peapack-Gladstone Financial by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 628 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Peapack-Gladstone Financial by 68.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 1,350 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Peapack-Gladstone Financial by 48.4% during the third quarter. SG Americas Securities LLC now owns 10,158 shares of the financial services provider’s stock valued at $278,000 after buying an additional 3,312 shares during the last quarter. Empowered Funds LLC increased its holdings in Peapack-Gladstone Financial by 8.0% in the 1st quarter. Empowered Funds LLC now owns 51,786 shares of the financial services provider’s stock worth $1,260,000 after buying an additional 3,850 shares in the last quarter. Finally, BNP Paribas Financial Markets raised 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 during the last quarter. 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.