Peapack-Gladstone Financial (NASDAQ:PGC) Coverage Initiated by Analysts at Raymond James

Raymond James began coverage on shares of Peapack-Gladstone Financial (NASDAQ:PGC) in a report released on Friday morning, Marketbeat.com reports. The firm issued a strong-buy rating and a $39.00 target price on the financial services provider’s stock.

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock opened at $24.95 on Friday. The company has a market cap of $439.02 million, a PE ratio of 13.49 and a beta of 0.82. The business has a 50 day moving average of $30.22 and a 200 day moving average of $31.80. Peapack-Gladstone Financial has a 52 week low of $20.30 and a 52 week high of $37.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. As a group, equities research analysts forecast that Peapack-Gladstone Financial will post 2.71 earnings per share for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director F Duffield Meyercord purchased 6,316 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The stock was bought at an average cost of $28.44 per share, for a total transaction of $179,627.04. Following the purchase, the director now directly owns 140,372 shares in the company, valued at $3,992,179.68. The trade was a 4.71 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Douglas L. Kennedy sold 20,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $28.91, for a total transaction of $578,200.00. Following the sale, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. The trade was a 31.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,633 shares of company stock valued at $1,716,024. 7.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several large investors have recently made changes to their positions in PGC. Dimensional Fund Advisors LP raised its holdings in Peapack-Gladstone Financial by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider’s stock worth $35,811,000 after buying an additional 10,221 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Peapack-Gladstone Financial by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after acquiring an additional 62,803 shares in the last quarter. Boston Partners raised its holdings in Peapack-Gladstone Financial by 2.3% in the 4th quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock worth $25,046,000 after acquiring an additional 17,220 shares during the last quarter. Wellington Management Group LLP lifted its position in Peapack-Gladstone Financial by 3.6% in the 4th quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock valued at $20,975,000 after acquiring an additional 22,805 shares in the last quarter. Finally, State Street Corp boosted its stake in Peapack-Gladstone Financial by 2.4% during the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after purchasing an additional 12,332 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other 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.