Peapack-Gladstone Financial (NASDAQ:PGC) Cut to Hold at Zacks Research

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

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

Peapack-Gladstone Financial Stock Up 0.0%

Shares of NASDAQ:PGC opened at $46.02 on Wednesday. Peapack-Gladstone Financial has a 12-month low of $24.42 and a 12-month high of $49.14. The company’s 50 day moving average price is $45.56 and its two-hundred day moving average price is $39.17. The firm has a market cap of $815.38 million, a PE ratio of 15.98 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.91%. On average, research analysts expect that Peapack-Gladstone Financial will post 3.7 EPS for the current year.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Lisa Chalkan sold 1,100 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president directly owned 26,075 shares in the company, valued at $1,241,170. This represents a 4.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anthony W. Spinelli sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the sale, the director directly owned 11,742 shares in the company, valued at $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 8,100 shares of company stock valued at $377,170. 5.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGC. Wellington Management Group LLP grew its holdings 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 valued at $31,429,000 after purchasing an additional 456,828 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Peapack-Gladstone Financial by 1.4% in 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 purchasing an additional 14,582 shares during the last quarter. Vanguard Group Inc. lifted its stake in Peapack-Gladstone Financial by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after purchasing an additional 28,489 shares during the last quarter. State Street Corp grew its stake in shares of 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 during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of 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 during 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.