Peapack-Gladstone Financial (NASDAQ:PGC) Stock Rating Lowered by Zacks Research

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

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

Peapack-Gladstone Financial Trading Up 0.0%

Shares of NASDAQ:PGC opened at $46.02 on Wednesday. The company has a 50-day moving average price of $45.56 and a 200-day moving average price of $39.17. The company has a market cap of $815.38 million, a price-to-earnings ratio of 15.98 and a beta of 0.71. Peapack-Gladstone Financial has a 12 month low of $24.42 and a 12 month high of $49.14.

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

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 5,000 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total value of $235,550.00. Following the transaction, the executive vice president directly owned 45,582 shares of the company’s stock, valued at approximately $2,147,368.02. This trade represents a 9.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Chalkan sold 1,100 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at approximately $1,241,170. The trade was a 4.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 8,100 shares of company stock worth $377,170 in the last quarter. Company insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds have recently made changes to their positions in the business. Salzhauer Michael lifted its holdings in Peapack-Gladstone Financial by 5.7% in the 4th quarter. Salzhauer Michael now owns 269,242 shares of the financial services provider’s stock worth $7,498,000 after purchasing an additional 14,612 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Peapack-Gladstone Financial during the first quarter worth $638,000. Watershed Asset Management L.L.C. purchased a new position in Peapack-Gladstone Financial during the first quarter valued at $463,000. Greenwich Wealth Management LLC bought a new stake in Peapack-Gladstone Financial in the 4th quarter valued at $418,000. Finally, PL Capital Advisors LLC bought a new position in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $1,267,000. 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.