Peapack-Gladstone Financial (NASDAQ:PGC) Lowered to “Neutral” at Piper Sandler

Piper Sandler downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from an overweight rating to a neutral rating in a research note released on Wednesday, Marketbeat reports.

PGC has been the topic of several other reports. TheStreet lowered shares of Peapack-Gladstone Financial from a b- rating to a c+ rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods cut their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an outperform rating on the stock in a report on Friday, April 5th.

Peapack-Gladstone Financial Trading Down 8.6 %

Shares of NASDAQ PGC opened at $22.88 on Wednesday. The company’s 50 day simple moving average is $23.68 and its 200 day simple moving average is $25.58. Peapack-Gladstone Financial has a fifty-two week low of $21.58 and a fifty-two week high of $31.49. The firm has a market capitalization of $406.12 million, a P/E ratio of 10.50 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.06). Peapack-Gladstone Financial had a net margin of 10.11% and a return on equity of 7.27%. The business had revenue of $54.27 million during the quarter, compared to analyst estimates of $54.91 million. On average, analysts predict that Peapack-Gladstone Financial will post 2.21 EPS for the current year.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 4,500 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total value of $135,090.00. Following the sale, the executive vice president now directly owns 15,703 shares in the company, valued at $471,404.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 7.63% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in shares of Peapack-Gladstone Financial during the third quarter worth $25,000. Quest Partners LLC bought a new position in Peapack-Gladstone Financial in the fourth quarter valued at $77,000. Denali Advisors LLC bought a new position in Peapack-Gladstone Financial in the first quarter valued at $204,000. SG Americas Securities LLC grew its position in Peapack-Gladstone Financial by 133.8% in the third quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 5,031 shares in the last quarter. Finally, Trexquant Investment LP grew its position in Peapack-Gladstone Financial by 9.6% in the third quarter. Trexquant Investment LP now owns 13,975 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 1,222 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Company Profile

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.