BidaskClub Upgrades Peapack-Gladstone Financial Corporation (PGC) to Hold

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Friday.

PGC has been the subject of a number of other reports. ValuEngine raised Peapack-Gladstone Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods assumed coverage on Peapack-Gladstone Financial Corporation in a report on Monday, July 17th. They issued an “outperform” rating and a $38.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.00.

Shares of Peapack-Gladstone Financial Corporation (PGC) opened at 32.02 on Friday. The stock has a market capitalization of $557.24 million, a price-to-earnings ratio of 18.10 and a beta of 1.05. The firm’s 50 day moving average is $30.63 and its 200 day moving average is $30.82. Peapack-Gladstone Financial Corporation has a 52-week low of $20.29 and a 52-week high of $33.68.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) last announced its quarterly earnings results on Friday, July 28th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. The firm had revenue of $35.14 million during the quarter. Peapack-Gladstone Financial Corporation had a return on equity of 9.12% and a net margin of 19.54%. Equities analysts expect that Peapack-Gladstone Financial Corporation will post $1.84 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Peapack Gladstone Financial Corp boosted its holdings in Peapack-Gladstone Financial Corporation by 0.3% in the second quarter. Peapack Gladstone Financial Corp now owns 678,134 shares of the financial services provider’s stock valued at $21,219,000 after purchasing an additional 2,232 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Peapack-Gladstone Financial Corporation by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 631,662 shares of the financial services provider’s stock valued at $19,765,000 after purchasing an additional 34,679 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Peapack-Gladstone Financial Corporation by 5.3% in the second quarter. Vanguard Group Inc. now owns 602,497 shares of the financial services provider’s stock valued at $18,851,000 after purchasing an additional 30,450 shares in the last quarter. State Street Corp boosted its holdings in Peapack-Gladstone Financial Corporation by 12.7% in the second quarter. State Street Corp now owns 266,486 shares of the financial services provider’s stock valued at $8,337,000 after purchasing an additional 29,948 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Peapack-Gladstone Financial Corporation by 13.9% in the second quarter. Northern Trust Corp now owns 218,831 shares of the financial services provider’s stock valued at $6,847,000 after purchasing an additional 26,757 shares in the last quarter. 67.86% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Corporation Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.

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