Peapack-Gladstone Financial (NASDAQ:PGC) Rating Lowered to “Hold” at Zacks Research

Peapack-Gladstone Financial (NASDAQ:PGC) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other brokerages have also commented on PGC. Raymond James Financial lifted their price target on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Piper Sandler raised their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Buy” and an average price target of $51.00.

Peapack-Gladstone Financial Trading Up 0.0%

NASDAQ:PGC opened at $46.02 on Wednesday. The stock has a market cap of $815.38 million, a P/E ratio of 15.98 and a beta of 0.71. The stock’s 50-day moving average is $45.56 and its 200-day moving average 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 released its quarterly earnings data on Sunday, July 26th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.91%. The firm had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. As a group, equities analysts forecast that Peapack-Gladstone Financial will post 3.7 EPS for the current year.

Insider Activity

In related news, EVP John P. Babcock sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares of the company’s stock, valued at $2,147,368.02. This trade represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a 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 transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 8,100 shares of company stock valued at $377,170. 5.75% of the stock is currently owned by insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Peapack-Gladstone Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 390 shares during the period. Azora Capital LP raised its position in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 431 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Peapack-Gladstone Financial by 0.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock worth $1,832,000 after purchasing an additional 500 shares during the period. Royal Bank of Canada lifted its holdings in shares of Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Peapack-Gladstone Financial by 7.2% in the 2nd quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock worth $321,000 after purchasing an additional 763 shares in the last quarter. Institutional investors own 72.75% of the company’s stock.

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.