Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a strong-buy rating to a hold rating in a research note published on Wednesday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Raymond James Financial lifted their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Piper Sandler raised their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Peapack-Gladstone Financial presently has an average rating of “Buy” and a consensus price target of $51.00.

Peapack-Gladstone Financial Trading Up 0.0%

Peapack-Gladstone Financial stock opened at $46.02 on Wednesday. The firm has a market capitalization of $815.38 million, a price-to-earnings ratio of 15.98 and a beta of 0.71. The firm’s fifty day moving average price is $45.56 and its two-hundred day moving average price is $39.17. Peapack-Gladstone Financial has a 1-year low of $24.42 and a 1-year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Sunday, July 26th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.91% and a net margin of 11.09%.The business had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. On average, research analysts forecast that Peapack-Gladstone Financial will post 3.7 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be paid a $0.05 dividend. The ex-dividend date is Thursday, August 13th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 6.94%.

Insider Activity

In other news, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,100 shares of company stock valued at $377,170 in the last ninety days. 5.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of PGC. Royal Bank of Canada lifted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after buying an additional 529 shares in the last quarter. Parallel Advisors LLC grew its stake in Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Peapack-Gladstone Financial by 431.5% during the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 3,059 shares in the last quarter. OP Asset Management Ltd bought a new stake in Peapack-Gladstone Financial during the 1st quarter worth approximately $116,000. Finally, Aquatic Capital Management LLC lifted its stake in Peapack-Gladstone Financial by 23.1% in the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 985 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.