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

Piper Sandler downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from an overweight rating to a neutral rating in a research note released on Wednesday, Marketbeat reports.

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

Peapack-Gladstone Financial Price Performance

PGC opened at $22.88 on Wednesday. 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 stock has a market capitalization of $406.12 million, a P/E ratio of 10.50 and a beta of 0.99. The company’s 50-day simple moving average is $23.68 and its two-hundred day simple moving average is $25.58. 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 for the quarter, missing the consensus estimate of $0.56 by ($0.06). Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. The business had revenue of $54.27 million during the quarter, compared to the consensus estimate of $54.91 million. As a group, analysts predict that Peapack-Gladstone Financial will post 2.21 EPS for the current year.

Insider Buying and Selling

In related news, EVP Gregory Martin Smith sold 4,500 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total value of $135,090.00. Following the completion of the sale, 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 at this hyperlink. 7.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently added to or reduced their stakes in PGC. SG Americas Securities LLC grew its holdings in Peapack-Gladstone Financial by 133.8% during the 3rd quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock valued at $225,000 after buying an additional 5,031 shares in the last quarter. Brown Advisory Inc. grew its holdings in Peapack-Gladstone Financial by 4.1% during the 3rd quarter. Brown Advisory Inc. now owns 531,705 shares of the financial services provider’s stock valued at $13,638,000 after buying an additional 20,747 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Peapack-Gladstone Financial during the 3rd quarter valued at approximately $1,676,000. Quantbot Technologies LP purchased a new stake in Peapack-Gladstone Financial during the 3rd quarter valued at approximately $25,000. Finally, Swiss National Bank grew its holdings in 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 buying an additional 900 shares in 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.