Peapack-Gladstone Financial (NASDAQ:PGC) Rating Lowered to Hold at Zacks Investment Research

Peapack-Gladstone Financial (NASDAQ:PGC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality, personalized financial, trust and investment services to individuals and small businesses. “

Shares of PGC opened at $33.13 on Thursday. The stock has a market cap of $623.84 million, a P/E ratio of 14.53 and a beta of 1.35. The business’s fifty day moving average is $33.05 and its 200 day moving average is $32.27. Peapack-Gladstone Financial has a 12-month low of $15.67 and a 12-month high of $34.67. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, July 27th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $51.52 million during the quarter, compared to analyst estimates of $49.27 million. Peapack-Gladstone Financial had a return on equity of 8.37% and a net margin of 19.48%. On average, analysts expect that Peapack-Gladstone Financial will post 2.95 EPS for the current year.

In other news, CEO Douglas L. Kennedy sold 5,000 shares of the firm’s stock in a transaction on Friday, July 30th. The stock was sold at an average price of $32.45, for a total transaction of $162,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory Martin Smith sold 1,303 shares of the firm’s stock in a transaction on Wednesday, September 29th. The shares were sold at an average price of $33.23, for a total value of $43,298.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,303 shares of company stock valued at $1,197,799. Insiders own 5.49% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in Peapack-Gladstone Financial by 0.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 37,258 shares of the financial services provider’s stock worth $1,158,000 after acquiring an additional 332 shares during the last quarter. Legal & General Group Plc increased its holdings in Peapack-Gladstone Financial by 24.7% in the 2nd quarter. Legal & General Group Plc now owns 2,298 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 455 shares during the last quarter. First Trust Advisors LP increased its holdings in Peapack-Gladstone Financial by 7.1% in the 2nd quarter. First Trust Advisors LP now owns 9,871 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 656 shares during the last quarter. Swiss National Bank increased its holdings in Peapack-Gladstone Financial by 1.7% in the 2nd quarter. Swiss National Bank now owns 41,800 shares of the financial services provider’s stock worth $1,299,000 after acquiring an additional 700 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Peapack-Gladstone Financial by 5.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 15,033 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 721 shares during the last quarter. 70.39% of the stock is owned by institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corp. is a bank holding company, which engages in the provision of private banking services to businesses, non-profits and consumer. It operates through the following segments: Banking and Peapack Private. The Banking segment provides commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services; and customer support and sales.

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