Peapack-Gladstone Financial (NASDAQ:PGC) Lowered to “Neutral” at Piper Sandler

Peapack-Gladstone Financial (NASDAQ:PGC) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Wednesday, Marketbeat.com reports.

A number of other analysts have also commented on the stock. TheStreet lowered shares of Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research note on Friday, February 23rd. Keefe, Bruyette & Woods cut their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating on the stock in a report on Friday, April 5th.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $22.92 on Wednesday. The firm has a market capitalization of $406.88 million, a PE ratio of 10.51 and a beta of 0.99. The firm has a fifty day simple moving average of $23.66 and a two-hundred day simple moving average of $25.56. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. Peapack-Gladstone Financial has a 12 month low of $21.58 and a 12 month high of $31.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The business had revenue of $54.27 million for the quarter, compared to the consensus estimate of $54.91 million. Peapack-Gladstone Financial had a net margin of 10.11% and a return on equity of 7.27%. Analysts forecast that Peapack-Gladstone Financial will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other Peapack-Gladstone Financial 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 transaction of $135,090.00. Following the transaction, the executive vice president now directly owns 15,703 shares of the company’s stock, valued at approximately $471,404.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PGC. SG Americas Securities LLC boosted its holdings in shares of Peapack-Gladstone Financial by 133.8% in the 3rd quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock worth $225,000 after buying an additional 5,031 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Peapack-Gladstone Financial by 4.1% in the 3rd quarter. Brown Advisory Inc. now owns 531,705 shares of the financial services provider’s stock worth $13,638,000 after buying an additional 20,747 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Peapack-Gladstone Financial in the 3rd quarter worth about $1,676,000. Quantbot Technologies LP purchased a new stake in Peapack-Gladstone Financial during the third quarter valued at about $25,000. Finally, Swiss National Bank lifted its holdings in Peapack-Gladstone Financial by 2.6% during the third quarter. Swiss National Bank now owns 35,700 shares of the financial services provider’s stock valued at $916,000 after purchasing an additional 900 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

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.