Peapack-Gladstone Financial (NASDAQ:PGC) Lowered to “Hold” at BidaskClub

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

Shares of Peapack-Gladstone Financial stock opened at $29.58 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $569.49 million, a PE ratio of 12.81, a price-to-earnings-growth ratio of 2.16 and a beta of 1.00. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $32.68. The company has a 50-day simple moving average of $27.75 and a two-hundred day simple moving average of $27.74.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Friday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.02). The firm had revenue of $42.29 million during 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%. As a group, equities research analysts forecast that Peapack-Gladstone Financial will post 2.38 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.05 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.20 annualized dividend and a yield of 0.68%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 8.66%.

In other Peapack-Gladstone Financial news, EVP Vincent A. Spero sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $26.32, for a total value of $78,960.00. Following the completion of the transaction, the executive vice president now directly owns 37,029 shares of the company’s stock, valued at $974,603.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John P. Babcock sold 2,000 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $28.30, for a total transaction of $56,600.00. Following the completion of the transaction, the executive vice president now directly owns 45,620 shares of the company’s stock, valued at $1,291,046. The disclosure for this sale can be found here. Insiders sold 16,500 shares of company stock valued at $457,445 over the last ninety days. Corporate insiders own 4.13% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Peapack-Gladstone Financial by 0.9% during the second quarter. BlackRock Inc. now owns 1,247,305 shares of the financial services provider’s stock valued at $35,075,000 after purchasing an additional 10,944 shares during the last quarter. Banc Funds Co. LLC raised its holdings in shares of Peapack-Gladstone Financial by 9.9% during the second quarter. Banc Funds Co. LLC now owns 1,183,557 shares of the financial services provider’s stock valued at $33,282,000 after purchasing an additional 106,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Peapack-Gladstone Financial by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,126,448 shares of the financial services provider’s stock valued at $28,364,000 after purchasing an additional 83,659 shares during the last quarter. Boston Partners raised its holdings in shares of Peapack-Gladstone Financial by 0.4% during the second quarter. Boston Partners now owns 768,301 shares of the financial services provider’s stock valued at $21,606,000 after purchasing an additional 3,194 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Peapack-Gladstone Financial by 20.1% during the second quarter. Russell Investments Group Ltd. now owns 583,710 shares of the financial services provider’s stock valued at $16,410,000 after purchasing an additional 97,502 shares during the last quarter. 72.64% of the stock is owned by hedge funds and other institutional investors.

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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