Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a buy rating to a hold rating in a research report released on Sunday.

PGC has been the subject of several other research reports. Piper Sandler increased their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial upped their target price on shares of 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. Zacks Research upgraded Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, Peapack-Gladstone Financial has a consensus rating of “Buy” and an average target price of $49.67.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC opened at $46.38 on Friday. The stock has a market cap of $821.85 million, a price-to-earnings ratio of 18.70 and a beta of 0.71. The business has a 50 day simple moving average of $45.23 and a 200 day simple moving average of $38.66. Peapack-Gladstone Financial has a 52-week low of $24.42 and a 52-week high of $49.14.

Insider Activity

In other news, EVP John P. Babcock sold 5,000 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company’s stock, valued at $2,147,368.02. The trade was a 9.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the business’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 approximately $1,241,170. This represents a 4.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,100 shares of company stock worth $377,170 over the last ninety days. Insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Peapack-Gladstone Financial by 171.9% in the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after buying an additional 3,059 shares in the last quarter. OP Asset Management Ltd acquired a new position in Peapack-Gladstone Financial during the first quarter worth $116,000. Finally, Aquatic Capital Management LLC increased its holdings in Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the last quarter. Institutional investors and hedge funds 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.