Zacks: Analysts Set $33.00 Target Price for Peapack-Gladstone Financial Corp (PGC)

Peapack-Gladstone Financial Corp (NASDAQ:PGC) has earned a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.

Brokers have set a 1 year consensus price objective of $33.00 for the company, according to Zacks. Zacks has also assigned Peapack-Gladstone Financial an industry rank of 114 out of 265 based on the ratings given to related companies.

A number of research analysts recently commented on PGC shares. ValuEngine downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $38.50 price target on shares of Peapack-Gladstone Financial in a report on Thursday, October 26th. Finally, BidaskClub raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Friday, September 15th.

Shares of Peapack-Gladstone Financial (PGC) traded down $0.36 during trading hours on Monday, hitting $34.93. 89,805 shares of the company were exchanged, compared to its average volume of 58,051. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.26. Peapack-Gladstone Financial has a 1 year low of $28.24 and a 1 year high of $37.30. The company has a market cap of $635.80, a P/E ratio of 18.33 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Friday, October 27th. The financial services provider reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.11. Peapack-Gladstone Financial had a net margin of 20.36% and a return on equity of 9.54%. The firm had revenue of $38.82 million during the quarter.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Thursday, November 9th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Wednesday, November 8th. Peapack-Gladstone Financial’s payout ratio is currently 10.53%.

In other Peapack-Gladstone Financial news, Director James R. Lamb sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $35.30, for a total value of $35,300.00. Following the completion of the sale, the director now owns 21,756 shares of the company’s stock, valued at $767,986.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.89% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PGC. Wells Fargo & Company MN increased its position in shares of Peapack-Gladstone Financial by 1.5% during the second quarter. Wells Fargo & Company MN now owns 11,323 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 168 shares during the period. California Public Employees Retirement System increased its position in shares of Peapack-Gladstone Financial by 3.0% during the second quarter. California Public Employees Retirement System now owns 34,765 shares of the financial services provider’s stock worth $1,088,000 after acquiring an additional 1,000 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Peapack-Gladstone Financial by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 13,840 shares of the financial services provider’s stock worth $433,000 after acquiring an additional 1,076 shares during the period. Russell Investments Group Ltd. increased its position in shares of Peapack-Gladstone Financial by 1.7% during the second quarter. Russell Investments Group Ltd. now owns 65,047 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 1,094 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Peapack-Gladstone Financial by 10.4% during the second quarter. Rhumbline Advisers now owns 19,153 shares of the financial services provider’s stock worth $599,000 after acquiring an additional 1,800 shares during the period. 69.48% of the stock is owned by institutional investors and hedge funds.

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About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.

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