Keefe, Bruyette & Woods Lowers Peapack-Gladstone Financial (NASDAQ:PGC) Price Target to $29.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its target price reduced by Keefe, Bruyette & Woods from $30.50 to $29.00 in a report released on Thursday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

PGC has been the subject of a number of other research reports. Piper Sandler downgraded shares of Peapack-Gladstone Financial from an overweight rating to a neutral rating in a research report on Wednesday, April 24th. TheStreet cut Peapack-Gladstone Financial from a b- rating to a c+ rating in a report on Friday, February 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $23.31 on Thursday. The firm has a market capitalization of $413.75 million, a price-to-earnings ratio of 10.69 and a beta of 0.99. The stock has a fifty day moving average of $23.59 and a 200 day moving average of $25.43. Peapack-Gladstone Financial has a 52 week low of $21.58 and a 52 week high of $31.49. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.86%. Peapack-Gladstone Financial’s payout ratio is 9.17%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Peapack-Gladstone Financial by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,269,472 shares of the financial services provider’s stock worth $37,856,000 after buying an additional 20,053 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Peapack-Gladstone Financial by 1.4% during the 4th quarter. Peapack Gladstone Financial Corp now owns 916,250 shares of the financial services provider’s stock worth $27,322,000 after purchasing an additional 12,976 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Peapack-Gladstone Financial by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 876,954 shares of the financial services provider’s stock worth $22,494,000 after purchasing an additional 11,345 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Peapack-Gladstone Financial by 4.5% in the fourth quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock valued at $16,824,000 after purchasing an additional 24,083 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in shares of Peapack-Gladstone Financial by 4.1% in the third quarter. Brown Advisory Inc. now owns 531,705 shares of the financial services provider’s stock valued at $13,638,000 after purchasing an additional 20,747 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.