Peapack-Gladstone Financial (NASDAQ:PGC) Cut to Hold at Wall Street Zen

Peapack-Gladstone Financial (NASDAQ:PGC) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other brokerages have also weighed in on PGC. Zacks Research raised Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Piper Sandler lifted their price target on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Raymond James Financial lifted their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat, Peapack-Gladstone Financial has a consensus rating of “Buy” and a consensus target price of $49.67.

Peapack-Gladstone Financial Stock Performance

PGC stock opened at $46.38 on Friday. The stock has a market capitalization of $821.85 million, a PE ratio of 18.70 and a beta of 0.71. The company has a fifty day moving average of $45.23 and a 200-day moving average of $38.59. Peapack-Gladstone Financial has a one year low of $24.42 and a one year high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. The business had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. Equities analysts forecast that Peapack-Gladstone Financial will post 3.76 earnings per share for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction dated 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 directly owned 45,582 shares in the company, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director owned 11,742 shares of the company’s stock, 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. Insiders sold 8,100 shares of company stock valued at $377,170 in the last 90 days. 5.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PGC. Wellington Management Group LLP raised its position in shares of Peapack-Gladstone Financial by 67.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after purchasing an additional 456,828 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Peapack-Gladstone Financial by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after buying an additional 14,582 shares during the last quarter. Vanguard Group Inc. grew its holdings in Peapack-Gladstone Financial by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after buying an additional 28,489 shares during the last quarter. State Street Corp increased its position in Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock worth $15,302,000 after buying an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock worth $12,605,000 after buying an additional 5,260 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

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.