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

Piper Sandler downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from an overweight rating to a neutral rating in a report issued on Wednesday morning, MarketBeat reports.

Other research analysts also recently issued reports about the stock. TheStreet downgraded shares of Peapack-Gladstone Financial from a b- rating to a c+ rating in a research note on Friday, February 23rd. Keefe, Bruyette & Woods decreased 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 research note on Friday, April 5th.

Peapack-Gladstone Financial Trading Down 0.8 %

PGC stock opened at $22.74 on Wednesday. The company has a market capitalization of $403.64 million, a PE ratio of 10.43 and a beta of 0.99. Peapack-Gladstone Financial has a one year low of $21.58 and a one year high of $31.49. The company’s 50 day moving average price is $23.63 and its two-hundred day moving average price is $25.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.06). Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. The firm had revenue of $54.27 million during the quarter, compared to analysts’ expectations of $54.91 million. As a group, analysts predict that Peapack-Gladstone Financial will post 2.04 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 9.17%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 4,500 shares of Peapack-Gladstone Financial 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 sale, 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 accessible through this hyperlink. 7.63% of the stock is currently owned by company insiders.

Institutional Trading of Peapack-Gladstone Financial

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its holdings in shares of Peapack-Gladstone Financial by 133.8% during the 3rd quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock valued at $225,000 after buying an additional 5,031 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Peapack-Gladstone Financial by 4.1% during the 3rd quarter. Brown Advisory Inc. now owns 531,705 shares of the financial services provider’s stock valued at $13,638,000 after buying an additional 20,747 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter valued at $1,676,000. Quantbot Technologies LP bought a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter valued at $25,000. Finally, Swiss National Bank boosted its holdings in shares of Peapack-Gladstone Financial by 2.6% during the 3rd quarter. Swiss National Bank now owns 35,700 shares of the financial services provider’s stock valued at $916,000 after buying an additional 900 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.