Peapack-Gladstone price target raised to $32 from $30 at Piper Sandler

Piper Sandler raised the firm’s price target on Peapack-Gladstone (PGC) to $32 from $30 and keeps an Overweight rating on the shares. The firm notes that in early 2024, the company began an expansion in NYC to capitalize on the dislocation from other banks in the market. Since then, the company has opened 3 new locations in NY. To date, the company has hired about 150 people and generated approximately $1.75B in new deposits and $928M of new loans. Piper believes that growth from this operation will be quite robust in coming quarters and expects the company’s profitability to improve meaningfully as a result.