Peapack-Gladstone Financial (NASDAQ:PGC) Raised to "Overweight" at Piper Sandler

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

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

Peapack-Gladstone Financial Price Performance

Shares of PGC stock traded up $2.23 during mid-day trading on Wednesday, reaching $31.20. The company's stock had a trading volume of 120,634 shares, compared to its average volume of 93,642. Peapack-Gladstone Financial has a 1-year low of $20.30 and a 1-year high of $31.71. The company has a market cap of $551.62 million, a P/E ratio of 16.68 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The firm's 50-day moving average is $27.55 and its two-hundred day moving average is $24.93.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating 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 company had revenue of $102.14 million during the quarter, compared to analysts' expectations of $58.24 million. On average, research analysts predict that Peapack-Gladstone Financial will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now directly owns 52,155 shares of the company's stock, valued at $1,402,447.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.63% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Peapack-Gladstone Financial by 68.4% during the 2nd 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 in the last quarter. Denali Advisors LLC bought a new stake in shares of Peapack-Gladstone Financial during the 1st quarter valued at $204,000. BNP Paribas Financial Markets raised its position 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 acquiring an additional 3,987 shares during the last quarter. Algert Global LLC bought a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $209,000. Finally, Sei Investments Co. bought a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $214,000. Institutional investors and hedge funds 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.