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 research note published on Wednesday, MarketBeat Ratings reports.

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

Peapack-Gladstone Financial Stock Performance

Shares of PGC opened at $22.74 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $23.63 and a two-hundred day simple moving average of $25.53. The stock has a market cap of $403.64 million, a price-to-earnings ratio of 10.43 and a beta of 0.99. 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 results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). The company had revenue of $54.27 million during 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%. On average, analysts expect that Peapack-Gladstone Financial will post 2.04 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

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

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 4,500 shares of the company’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 completion of the transaction, the executive vice president now owns 15,703 shares of the company’s stock, valued at $471,404.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in Peapack-Gladstone Financial by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,269,472 shares of the financial services provider’s stock valued at $37,856,000 after buying an additional 20,053 shares during the last quarter. Peapack Gladstone Financial Corp boosted 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 valued at $27,322,000 after buying an additional 12,976 shares during the last quarter. Vanguard Group Inc. boosted its stake in Peapack-Gladstone Financial by 1.3% during the third quarter. Vanguard Group Inc. now owns 876,954 shares of the financial services provider’s stock valued at $22,494,000 after buying an additional 11,345 shares during the last quarter. Wellington Management Group LLP boosted its stake in Peapack-Gladstone Financial by 4.5% during 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 buying an additional 24,083 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in Peapack-Gladstone Financial by 4.1% during the third 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 during the last quarter. Institutional investors own 72.75% of the company’s stock.

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.