Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded by BidaskClub

BidaskClub cut shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a sell rating in a research note released on Tuesday morning, BidAskClub reports.

Separately, ValuEngine raised Peapack-Gladstone Financial from a sell rating to a hold rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $36.50.

Shares of NASDAQ:PGC opened at $27.43 on Tuesday. The business’s 50 day simple moving average is $28.13 and its 200-day simple moving average is $27.84. The firm has a market capitalization of $537.77 million, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 2.04 and a beta of 0.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.05 and a quick ratio of 1.05. Peapack-Gladstone Financial has a 12 month low of $23.96 and a 12 month high of $30.60.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Friday, July 26th. The financial services provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.02). The firm had revenue of $42.29 million for the quarter, compared to analysts’ expectations of $42.92 million. Peapack-Gladstone Financial had a return on equity of 9.36% and a net margin of 20.28%. On average, equities analysts anticipate that Peapack-Gladstone Financial will post 2.38 earnings per share for the current year.

In related news, EVP John P. Babcock sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $28.91, for a total value of $57,820.00. Following the sale, the executive vice president now owns 41,620 shares of the company’s stock, valued at approximately $1,203,234.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Eric H. Waser sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.94, for a total value of $40,410.00. Following the completion of the sale, the executive vice president now directly owns 19,941 shares in the company, valued at approximately $537,210.54. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,500 shares of company stock worth $485,715. 4.13% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PGC. Siena Capital Partners GP LLC raised its holdings in Peapack-Gladstone Financial by 0.8% in the 2nd quarter. Siena Capital Partners GP LLC now owns 153,209 shares of the financial services provider’s stock valued at $4,308,000 after acquiring an additional 1,200 shares during the last quarter. Creative Planning acquired a new position in Peapack-Gladstone Financial in the 2nd quarter valued at $207,000. Aperio Group LLC raised its holdings in Peapack-Gladstone Financial by 5.1% in the 2nd quarter. Aperio Group LLC now owns 12,112 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 585 shares during the last quarter. Swiss National Bank raised its holdings in Peapack-Gladstone Financial by 2.7% in the 2nd quarter. Swiss National Bank now owns 30,600 shares of the financial services provider’s stock valued at $860,000 after acquiring an additional 800 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in Peapack-Gladstone Financial by 9.7% in the 2nd quarter. Gamco Investors INC. ET AL now owns 11,300 shares of the financial services provider’s stock valued at $318,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 72.64% of the company’s stock.

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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

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