Peapack-Gladstone Financial (PGC) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

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. “

Several other research analysts also recently commented on the stock. BidaskClub downgraded shares of Peapack-Gladstone Financial from a sell rating to a strong sell rating in a report on Friday, September 14th. FIG Partners reissued an outperform rating on shares of Peapack-Gladstone Financial in a report on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $38.75.

PGC traded down $0.01 on Wednesday, hitting $30.66. The company’s stock had a trading volume of 1,912 shares, compared to its average volume of 54,199. The company has a market cap of $588.59 million, a PE ratio of 15.81 and a beta of 0.85. Peapack-Gladstone Financial has a 12 month low of $30.43 and a 12 month high of $38.00. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.31.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Friday, July 27th. The financial services provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $40.98 million during the quarter, compared to the consensus estimate of $40.89 million. Peapack-Gladstone Financial had a net margin of 22.54% and a return on equity of 10.15%. research analysts forecast that Peapack-Gladstone Financial will post 2.42 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Northern Trust Corp boosted its holdings in Peapack-Gladstone Financial by 4.0% in the 2nd quarter. Northern Trust Corp now owns 236,468 shares of the financial services provider’s stock valued at $8,180,000 after purchasing an additional 9,122 shares during the period. California Public Employees Retirement System boosted its holdings in Peapack-Gladstone Financial by 38.7% in the 2nd quarter. California Public Employees Retirement System now owns 38,725 shares of the financial services provider’s stock valued at $1,339,000 after purchasing an additional 10,811 shares during the period. United Services Automobile Association boosted its holdings in Peapack-Gladstone Financial by 65.7% in the 2nd quarter. United Services Automobile Association now owns 63,819 shares of the financial services provider’s stock valued at $2,208,000 after purchasing an additional 25,300 shares during the period. Federated Investors Inc. PA boosted its holdings in Peapack-Gladstone Financial by 163.7% in the 2nd quarter. Federated Investors Inc. PA now owns 120,860 shares of the financial services provider’s stock valued at $4,181,000 after purchasing an additional 75,030 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Peapack-Gladstone Financial by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 959,595 shares of the financial services provider’s stock valued at $33,192,000 after purchasing an additional 124,523 shares during the period. 72.05% of the stock is owned by hedge funds and other 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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

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