Peapack-Gladstone Financial (NASDAQ:PGC) Earns Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their outperform rating on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a report issued on Monday, Benzinga reports. The brokerage currently has a $32.00 price target on the financial services provider’s stock, up from their prior price target of $28.00.

Separately, Piper Sandler downgraded Peapack-Gladstone Financial from an overweight rating to a neutral rating in a report on Wednesday, April 24th.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $28.26 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $23.16 and a two-hundred day simple moving average of $23.96. The firm has a market capitalization of $502.18 million, a P/E ratio of 12.96 and a beta of 0.99. Peapack-Gladstone Financial has a 12 month low of $20.30 and a 12 month high of $31.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.94%. The business had revenue of $100.79 million for the quarter, compared to analysts’ expectations of $56.80 million. On average, equities analysts forecast that Peapack-Gladstone Financial will post 1.68 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.71%. Peapack-Gladstone Financial’s payout ratio is currently 9.17%.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Stuart M. Vorcheimer sold 4,608 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $24.09, for a total value of $111,006.72. Following the completion of the transaction, the executive vice president now owns 2,205 shares in the company, valued at $53,118.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.63% of the stock is currently owned by insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in 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 purchasing an additional 1,350 shares during the last quarter. Quest Partners LLC bought a new position in Peapack-Gladstone Financial in the fourth quarter valued at about $77,000. Denali Advisors LLC purchased a new position in Peapack-Gladstone Financial in the first quarter worth about $204,000. BNP Paribas Financial Markets grew its stake in shares of Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 3,987 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Peapack-Gladstone Financial by 5.8% during 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 purchasing an additional 628 shares during the last quarter. 72.75% of the stock is currently owned by 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.