Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded by Zacks Investment Research to Hold
Peapack-Gladstone Financial (NASDAQ:PGC – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, 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. “
Separately, StockNews.com began coverage on Peapack-Gladstone Financial in a report on Thursday, March 31st. They set a “buy” rating on the stock.
Shares of NASDAQ PGC opened at $33.28 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s fifty day moving average price is $32.91 and its two-hundred day moving average price is $34.94. Peapack-Gladstone Financial has a one year low of $28.89 and a one year high of $38.60. The firm has a market cap of $611.35 million, a price-to-earnings ratio of 11.21 and a beta of 1.12.
Peapack-Gladstone Financial (NASDAQ:PGC – Get Rating) last released its earnings results on Friday, April 29th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.09). Peapack-Gladstone Financial had a return on equity of 10.58% and a net margin of 24.20%. On average, equities analysts anticipate that Peapack-Gladstone Financial will post 3.24 earnings per share for the current fiscal year.
In related news, Director Steven A. Kass acquired 1,000 shares of the stock in a transaction dated Tuesday, May 3rd. The stock was bought at an average cost of $31.11 per share, for a total transaction of $31,110.00. Following the completion of the transaction, the director now directly owns 4,457 shares of the company’s stock, valued at $138,657.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter D. Horst acquired 2,500 shares of the stock in a transaction dated Monday, May 23rd. The shares were bought at an average price of $31.49 per share, with a total value of $78,725.00. Following the completion of the transaction, the director now directly owns 10,848 shares of the company’s stock, valued at $341,603.52. The disclosure for this purchase can be found here. 6.25% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGC. Strategic Value Bank Partners LLC acquired a new stake in Peapack-Gladstone Financial during the fourth quarter worth approximately $11,954,000. Kennedy Capital Management Inc. grew its stake in Peapack-Gladstone Financial by 100.4% during the fourth quarter. Kennedy Capital Management Inc. now owns 269,986 shares of the financial services provider’s stock worth $9,558,000 after purchasing an additional 135,263 shares during the period. Elizabeth Park Capital Advisors Ltd. acquired a new stake in Peapack-Gladstone Financial during the first quarter worth approximately $4,216,000. State Street Corp grew its stake in Peapack-Gladstone Financial by 28.7% during the fourth quarter. State Street Corp now owns 446,211 shares of the financial services provider’s stock worth $15,796,000 after purchasing an additional 99,541 shares during the period. Finally, Wellington Management Group LLP grew its stake in Peapack-Gladstone Financial by 13.0% during the third quarter. Wellington Management Group LLP now owns 684,764 shares of the financial services provider’s stock worth $22,843,000 after purchasing an additional 78,951 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.
About Peapack-Gladstone Financial (Get Rating)
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.
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