Raymond James Reiterates Strong Buy Rating on Peapack-Gladstone Financial (PGC)

Raymond James analyst Steve Moss reiterated a Strong Buy rating and $39.00 price target on Peapack-Gladstone Financial (NASDAQ: PGC).

The analyst comments "PGC’s outlook remains strong despite second quarter results which disappointed as credit slipped, expenses increased due to additional investments, and NII was weaker due to lower deposit balances. We caught up with management, which noted that core deposit growth trends have resumed, NIM expansion should continue at a ~10 bp (+/-) pace per quarter, and that expense growth would be under control with no additional large team lift outs. Additionally, PGC remains upbeat about loan growth, which combined with continued deposit growth bodes well for strong NII growth. Further, while NPAs remain elevated, one large commercial loan is expected to be resolved in 2H25 and a number of multifamily borrowers are working with the bank to resolve cash flow issues. Our Strong Buy rating and $39 price target reflect our expectation that earnings and franchise value should continue to improve due the bank’s deposit initiatives."

For an analyst ratings summary and ratings history on Peapack-Gladstone Financial click here. For more ratings news on Peapack-Gladstone Financial click here.

Shares of Peapack-Gladstone Financial closed at $26.54 yesterday.

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Cantor Fitzgerald Reiterates Overweight Rating on Merlin Labs (MRLN)
• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August