Piper Sandler Lowers Peapack-Gladstone Financial (NASDAQ:PGC) to Neutral

Peapack-Gladstone Financial (NASDAQ:PGC) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat reports.

Several other research firms also recently weighed in on PGC. TheStreet downgraded Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods reduced their target price on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating on the stock in a report on Friday, April 5th.

Peapack-Gladstone Financial Price Performance

Shares of PGC traded down $1.15 during midday trading on Wednesday, hitting $23.89. The company’s stock had a trading volume of 238,686 shares, compared to its average volume of 80,611. The company’s fifty day simple moving average is $23.69 and its two-hundred day simple moving average is $25.59. The stock has a market capitalization of $424.05 million, a price-to-earnings ratio of 8.89 and a beta of 0.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. Peapack-Gladstone Financial has a one year low of $21.58 and a one year high of $31.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The company had revenue of $54.27 million during the quarter, compared to the consensus estimate of $54.91 million. Peapack-Gladstone Financial had a return on equity of 9.03% and a net margin of 12.94%. As a group, equities analysts expect that Peapack-Gladstone Financial will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 4,500 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total value of $135,090.00. Following the transaction, the executive vice president now owns 15,703 shares in the company, valued at $471,404.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 7.18% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its holdings in Peapack-Gladstone Financial by 212.5% in the first quarter. Assenagon Asset Management S.A. now owns 31,390 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 21,345 shares during the period. Denali Advisors LLC bought a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth about $204,000. Wellington Management Group LLP grew its stake in shares of Peapack-Gladstone Financial by 4.5% in the 4th quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after buying an additional 24,083 shares during the period. Basswood Capital Management L.L.C. bought a new stake in Peapack-Gladstone Financial in the 4th quarter valued at about $4,590,000. Finally, Peapack Gladstone Financial Corp raised its stake in Peapack-Gladstone Financial by 1.4% during the 4th quarter. Peapack Gladstone Financial Corp now owns 916,250 shares of the financial services provider’s stock worth $27,322,000 after buying an additional 12,976 shares during the period. 72.75% of the stock is currently owned by institutional investors.

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.