Peapack-Gladstone Financial (PGC) Raised to “Hold” at BidaskClub
BidaskClub upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a sell rating to a hold rating in a research report report published on Tuesday morning.
Several other research firms have also recently issued reports on PGC. Keefe, Bruyette & Woods reissued a buy rating on shares of Peapack-Gladstone Financial in a research note on Monday, February 5th. Hovde Group reaffirmed a buy rating and issued a $39.00 price target on shares of Peapack-Gladstone Financial in a research note on Thursday, February 1st.
Peapack-Gladstone Financial (NASDAQ PGC) opened at $33.99 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.03 and a current ratio of 1.03. Peapack-Gladstone Financial has a 12 month low of $28.59 and a 12 month high of $38.00. The stock has a market capitalization of $662.94, a P/E ratio of 18.04 and a beta of 1.00.
The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Thursday, February 8th were paid a $0.05 dividend. The ex-dividend date was Wednesday, February 7th. This represents a $0.20 annualized dividend and a yield of 0.59%. Peapack-Gladstone Financial’s payout ratio is 9.85%.
A number of hedge funds have recently modified their holdings of PGC. State Street Corp grew its stake in Peapack-Gladstone Financial by 12.7% in the second quarter. State Street Corp now owns 266,486 shares of the financial services provider’s stock worth $8,337,000 after purchasing an additional 29,948 shares during the period. The Manufacturers Life Insurance Company grew its stake in Peapack-Gladstone Financial by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 13,840 shares of the financial services provider’s stock worth $433,000 after purchasing an additional 1,076 shares during the period. Nationwide Fund Advisors grew its stake in Peapack-Gladstone Financial by 48.7% in the third quarter. Nationwide Fund Advisors now owns 51,273 shares of the financial services provider’s stock worth $1,730,000 after purchasing an additional 16,800 shares during the period. Russell Investments Group Ltd. grew its stake in Peapack-Gladstone Financial by 131.8% in the third quarter. Russell Investments Group Ltd. now owns 150,808 shares of the financial services provider’s stock worth $5,087,000 after purchasing an additional 85,761 shares during the period. Finally, Macquarie Group Ltd. bought a new stake in Peapack-Gladstone Financial in the third quarter worth $330,000. 69.40% of the stock is currently owned by institutional investors.
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Peapack-Gladstone Financial Company Profile
Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.
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