Keefe, Bruyette & Woods Reaffirms “Outperform” Rating for Peapack-Gladstone Financial (NASDAQ:PGC)

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

Separately, Piper Sandler lowered 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 NASDAQ PGC opened at $26.44 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $469.84 million, a price-to-earnings ratio of 12.13 and a beta of 0.99. The business’s 50-day simple moving average is $23.24 and its 200-day simple moving average is $23.98. Peapack-Gladstone Financial has a 52 week low of $20.30 and a 52 week high of $30.68.

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

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Thursday, August 8th. Peapack-Gladstone Financial’s payout ratio is presently 9.17%.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Stuart M. Vorcheimer sold 4,608 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $24.09, for a total transaction of $111,006.72. Following the sale, the executive vice president now owns 2,205 shares of the company’s stock, valued at approximately $53,118.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently bought and sold shares of PGC. Basswood Capital Management L.L.C. bought a new position in Peapack-Gladstone Financial in the 4th quarter valued at $4,590,000. GoodHaven Capital Management LLC bought a new position in Peapack-Gladstone Financial in the 4th quarter valued at $2,187,000. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 4.5% in the 4th quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after purchasing an additional 24,083 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Peapack-Gladstone Financial by 212.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 31,390 shares of the financial services provider’s stock valued at $764,000 after purchasing an additional 21,345 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Peapack-Gladstone Financial by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,269,472 shares of the financial services provider’s stock valued at $37,856,000 after purchasing an additional 20,053 shares during the last quarter. 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.