Peapack-Gladstone Financial (NASDAQ:PGC) Research Coverage Started at Raymond James

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

Peapack-Gladstone Financial Stock Up 1.3 %

PGC stock opened at $24.95 on Friday. Peapack-Gladstone Financial has a 1-year low of $20.30 and a 1-year high of $37.88. The stock has a market cap of $439.02 million, a price-to-earnings ratio of 13.49 and a beta of 0.82. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $30.22 and its 200 day moving average is $31.80.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $28.76, for a total value of $287,600.00. Following the completion of the sale, the executive vice president now directly owns 39,155 shares of the company’s stock, valued at $1,126,097.80. The trade was a 20.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Gregory Martin Smith sold 17,633 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now owns 297 shares of the company’s stock, valued at approximately $9,489.15. The trade was a 98.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 57,633 shares of company stock worth $1,716,024. 7.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Basswood Capital Management L.L.C. purchased a new position in Peapack-Gladstone Financial in the 4th quarter worth approximately $7,928,000. Assenagon Asset Management S.A. bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter worth approximately $3,590,000. Vanguard Group Inc. increased its stake in shares of Peapack-Gladstone Financial by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock worth $30,037,000 after buying an additional 62,803 shares during the period. JPMorgan Chase & Co. raised its holdings in Peapack-Gladstone Financial by 37.5% during the 4th quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider’s stock valued at $6,502,000 after buying an additional 55,363 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Peapack-Gladstone Financial by 11.6% during the 4th quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock valued at $10,870,000 after buying an additional 35,159 shares during the period. Institutional investors own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

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.