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

BidaskClub cut shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a buy rating to a hold rating in a research report report published on Friday morning, BidAskClub reports.

A number of other equities analysts have also weighed in on PGC. Zacks Investment Research upgraded shares of Peapack-Gladstone Financial from a sell rating to a hold rating in a research report on Tuesday, November 17th. Piper Sandler increased their price target on shares of Peapack-Gladstone Financial from $23.00 to $24.00 and gave the stock an overweight rating in a report on Thursday, October 29th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Peapack-Gladstone Financial currently has an average rating of Buy and an average target price of $30.17.

Shares of NASDAQ:PGC opened at $22.76 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $430.96 million, a PE ratio of 12.86, a P/E/G ratio of 3.09 and a beta of 1.16. Peapack-Gladstone Financial has a twelve month low of $11.15 and a twelve month high of $31.72. The company has a 50-day moving average price of $22.23 and a two-hundred day moving average price of $18.29.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.14. The firm had revenue of $52.36 million during the quarter, compared to analyst estimates of $49.46 million. Peapack-Gladstone Financial had a net margin of 14.46% and a return on equity of 6.80%. Analysts anticipate that Peapack-Gladstone Financial will post 1.51 earnings per share for the current fiscal year.

In related news, Director F Duffield Meyercord bought 1,500 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were acquired at an average cost of $17.05 per share, with a total value of $25,575.00. Following the completion of the purchase, the director now directly owns 2,182 shares of the company’s stock, valued at approximately $37,203.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Timothy E. Doyle bought 2,000 shares of the stock in a transaction that occurred on Friday, November 6th. The stock was bought at an average cost of $17.33 per share, for a total transaction of $34,660.00. Following the completion of the purchase, the executive vice president now directly owns 4,748 shares of the company’s stock, valued at $82,282.84. The disclosure for this purchase can be found here. Over the last three months, insiders bought 6,000 shares of company stock worth $103,650. Insiders own 4.49% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC purchased a new position in shares of Peapack-Gladstone Financial during the third quarter worth approximately $34,000. Private Advisor Group LLC purchased a new position in shares of Peapack-Gladstone Financial during the second quarter worth approximately $55,000. BNP Paribas Arbitrage SA raised its stake in shares of Peapack-Gladstone Financial by 539.7% during the third quarter. BNP Paribas Arbitrage SA now owns 4,337 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 3,659 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Peapack-Gladstone Financial during the third quarter worth approximately $259,000. Finally, Cannell Peter B & Co. Inc. raised its stake in shares of Peapack-Gladstone Financial by 11.7% during the third quarter. Cannell Peter B & Co. Inc. now owns 23,799 shares of the financial services provider’s stock worth $361,000 after acquiring an additional 2,500 shares in the last quarter. 68.74% of the stock is currently owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

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.

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