Keefe, Bruyette & Woods Initiates Coverage on Peapack-Gladstone Financial Corporation (PGC)

Keefe, Bruyette & Woods assumed coverage on shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) in a note issued to investors on Monday, July 17th, Marketbeat.com reports. The firm set an “outperform” rating and a $38.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 28.99% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Peapack-Gladstone Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Hovde Group began coverage on shares of Peapack-Gladstone Financial Corporation in a research note on Thursday, April 13th. They set an “outperform” rating and a $33.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $32.00.

Shares of Peapack-Gladstone Financial Corporation (NASDAQ PGC) traded down 2.03% during midday trading on Monday, hitting $29.46. 59,806 shares of the stock were exchanged. The firm has a 50 day moving average of $31.90 and a 200 day moving average of $31.06. Peapack-Gladstone Financial Corporation has a 12-month low of $19.63 and a 12-month high of $33.68. The firm has a market cap of $512.69 million, a P/E ratio of 16.65 and a beta of 1.03.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) last announced its earnings results on Friday, July 28th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. The business had revenue of $35.14 million during the quarter. Peapack-Gladstone Financial Corporation had a net margin of 19.54% and a return on equity of 9.12%. Equities analysts forecast that Peapack-Gladstone Financial Corporation will post $1.84 EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Peapack-Gladstone Financial Corporation by 5.3% in the second quarter. Vanguard Group Inc. now owns 602,497 shares of the financial services provider’s stock worth $18,851,000 after buying an additional 30,450 shares during the period. Northern Trust Corp boosted its stake in Peapack-Gladstone Financial Corporation by 13.9% in the second quarter. Northern Trust Corp now owns 218,831 shares of the financial services provider’s stock worth $6,847,000 after buying an additional 26,757 shares during the period. ClariVest Asset Management LLC boosted its stake in Peapack-Gladstone Financial Corporation by 68.2% in the second quarter. ClariVest Asset Management LLC now owns 183,806 shares of the financial services provider’s stock worth $5,751,000 after buying an additional 74,539 shares during the period. Martingale Asset Management L P boosted its stake in Peapack-Gladstone Financial Corporation by 20.0% in the second quarter. Martingale Asset Management L P now owns 103,137 shares of the financial services provider’s stock worth $3,228,000 after buying an additional 17,203 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Peapack-Gladstone Financial Corporation by 22.6% in the second quarter. Nordea Investment Management AB now owns 100,800 shares of the financial services provider’s stock worth $3,154,000 after buying an additional 18,600 shares during the period. 66.39% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Corporation Company Profile

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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