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

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

Several other equities research analysts have also commented on the stock. Keefe, Bruyette & Woods decreased 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 research report on Friday, April 5th. TheStreet downgraded Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research report on Friday, February 23rd.

Peapack-Gladstone Financial Price Performance

PGC traded down $1.15 on Wednesday, hitting $23.89. 238,686 shares of the company were exchanged, compared to its average volume of 80,611. Peapack-Gladstone Financial has a fifty-two week low of $21.58 and a fifty-two week high of $31.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $424.05 million, a P/E ratio of 8.89 and a beta of 0.99. The business’s fifty day moving average is $23.69 and its 200 day moving average is $25.59.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The firm had revenue of $54.27 million during the quarter, compared to analyst estimates of $54.91 million. Peapack-Gladstone Financial had a return on equity of 9.03% and a net margin of 12.94%. As a group, sell-side analysts anticipate that Peapack-Gladstone Financial will post 2.21 EPS for the current year.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 4,500 shares of the company’s stock in a transaction that occurred 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 owns 15,703 shares of the company’s stock, valued at $471,404.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 7.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in Peapack-Gladstone Financial by 212.5% during the first quarter. Assenagon Asset Management S.A. now owns 31,390 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 21,345 shares during the period. Denali Advisors LLC purchased a new position in shares of Peapack-Gladstone Financial in the 1st quarter worth $204,000. Wellington Management Group LLP boosted its holdings in Peapack-Gladstone Financial by 4.5% in the fourth quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after acquiring an additional 24,083 shares during the last quarter. Basswood Capital Management L.L.C. purchased a new stake in Peapack-Gladstone Financial during the fourth quarter valued at about $4,590,000. Finally, Peapack Gladstone Financial Corp increased its stake in Peapack-Gladstone Financial by 1.4% during the fourth quarter. Peapack Gladstone Financial Corp now owns 916,250 shares of the financial services provider’s stock worth $27,322,000 after acquiring an additional 12,976 shares during the last quarter. 72.75% of the stock is currently 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 Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.