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

Piper Sandler lowered shares of Peapack-Gladstone Financial (NASDAQ:PGC) from an overweight rating to a neutral rating in a report issued on Wednesday morning, MarketBeat.com reports.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods dropped their price objective on Peapack-Gladstone Financial from $33.50 to $30.50 and set an outperform rating on the stock in a report on Friday, April 5th. TheStreet cut Peapack-Gladstone Financial from a b- rating to a c+ rating in a report on Friday, February 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $22.74 on Wednesday. The stock’s 50-day simple moving average is $23.63 and its 200 day simple moving average is $25.53. The stock has a market capitalization of $403.64 million, a price-to-earnings ratio of 10.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. Peapack-Gladstone Financial has a 52-week low of $21.58 and a 52-week high of $31.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The company had revenue of $54.27 million for the quarter, compared to analysts’ expectations of $54.91 million. Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. Research analysts forecast that Peapack-Gladstone Financial will post 2.04 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a $0.05 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.88%. Peapack-Gladstone Financial’s payout ratio is currently 9.17%.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $30.02, for a total value of $135,090.00. Following the sale, the executive vice president now 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 SEC, which is accessible through this hyperlink. Insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently modified their holdings of the company. Swiss National Bank increased its position in shares of Peapack-Gladstone Financial by 2.6% during the 3rd 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. Quantbot Technologies LP bought a new position in shares of Peapack-Gladstone Financial during the 3rd quarter valued at about $25,000. Trexquant Investment LP increased its position in shares of Peapack-Gladstone Financial by 9.6% during the 3rd quarter. Trexquant Investment LP now owns 13,975 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 1,222 shares during the last quarter. Quest Partners LLC bought a new position in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $77,000. Finally, SG Americas Securities LLC increased its position in shares of Peapack-Gladstone Financial by 31.5% during the 4th quarter. SG Americas Securities LLC now owns 11,558 shares of the financial services provider’s stock valued at $345,000 after purchasing an additional 2,768 shares during the last quarter. 72.75% of the stock is currently owned by 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.