Zacks Investment Research upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $37.00 price target on the financial services provider’s stock.
According to Zacks, “The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality, personalized financial, trust and investment services to individuals and small businesses. “
PGC opened at $32.32 on Friday. Peapack-Gladstone Financial has a fifty-two week low of $14.38 and a fifty-two week high of $34.67. The business has a 50-day moving average of $32.26 and a 200-day moving average of $31.87. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $608.59 million, a PE ratio of 14.18 and a beta of 1.35.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 24th. Stockholders of record on Tuesday, August 10th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, August 9th. Peapack-Gladstone Financial’s dividend payout ratio is 14.60%.
In other Peapack-Gladstone Financial news, EVP Todd Poland bought 1,000 shares of the stock in a transaction on Monday, August 2nd. The shares were purchased at an average price of $32.31 per share, with a total value of $32,310.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Douglas L. Kennedy sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 30th. The shares were sold at an average price of $32.45, for a total value of $162,250.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,000 shares of company stock worth $824,400. 5.49% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGC. IndexIQ Advisors LLC grew its holdings in shares of Peapack-Gladstone Financial by 10.5% during the 1st quarter. IndexIQ Advisors LLC now owns 12,893 shares of the financial services provider’s stock worth $398,000 after purchasing an additional 1,225 shares in the last quarter. Swiss National Bank grew its holdings in shares of Peapack-Gladstone Financial by 2.5% during the 1st quarter. Swiss National Bank now owns 41,100 shares of the financial services provider’s stock worth $1,269,000 after purchasing an additional 1,000 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Peapack-Gladstone Financial by 74.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,832 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 3,763 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Peapack-Gladstone Financial by 3.4% during the 1st quarter. BlackRock Inc. now owns 1,692,626 shares of the financial services provider’s stock worth $52,267,000 after purchasing an additional 56,447 shares in the last quarter. Finally, BHZ Capital Management LP grew its holdings in shares of Peapack-Gladstone Financial by 12.9% during the 1st quarter. BHZ Capital Management LP now owns 89,805 shares of the financial services provider’s stock worth $2,773,000 after purchasing an additional 10,268 shares in the last quarter. 70.39% of the stock is currently owned by hedge funds and other institutional investors.
Peapack-Gladstone Financial Company Profile
Peapack-Gladstone Financial Corp. is a bank holding company, which engages in the provision of private banking services to businesses, non-profits and consumer. It operates through the following segments: Banking and Peapack Private. The Banking segment provides commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services; and customer support and sales.
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