Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded by Piper Sandler to Neutral

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) was downgraded by research analysts at Piper Sandler from an "overweight" rating to a "neutral" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

Several other research analysts also recently issued reports on PGC. Keefe, Bruyette & Woods lowered 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 research report on Friday, April 5th. TheStreet downgraded shares of Peapack-Gladstone Financial from a "b-" rating to a "c+" rating in a research note on Friday, February 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock traded down $2.16 on Wednesday, hitting $22.88. The stock had a trading volume of 432,755 shares, compared to its average volume of 84,702. The company's 50 day moving average price is $23.69 and its 200 day moving average price is $25.59. The stock has a market cap of $406.12 million, a price-to-earnings ratio of 8.82 and a beta of 0.99. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. Peapack-Gladstone Financial has a 52-week low of $21.58 and a 52-week high of $31.49.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted 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). The firm had revenue of $54.27 million during the quarter, compared to analyst estimates of $54.91 million. Peapack-Gladstone Financial had a net margin of 12.94% and a return on equity of 9.03%. On average, research analysts anticipate that Peapack-Gladstone Financial will post 2.21 EPS for the current year.

Insider Buying and Selling

In other news, EVP Gregory Martin Smith sold 4,500 shares of Peapack-Gladstone Financial stock in a transaction dated 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 owns 15,703 shares of the company's stock, valued at $471,404.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.18% of the company's stock.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds have recently modified their holdings of PGC. North Reef Capital Management LP lifted its stake in shares of Peapack-Gladstone Financial by 77.1% in the third quarter. North Reef Capital Management LP now owns 500,000 shares of the financial services provider's stock valued at $12,825,000 after purchasing an additional 217,646 shares during the period. Basswood Capital Management L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth approximately $4,590,000. Wellington Management Group LLP boosted its stake in shares of Peapack-Gladstone Financial by 22.6% during the 3rd quarter. Wellington Management Group LLP now owns 540,095 shares of the financial services provider's stock worth $13,853,000 after acquiring an additional 99,700 shares in the last quarter. GoodHaven Capital Management LLC acquired a new stake in shares of Peapack-Gladstone Financial in the 4th quarter worth approximately $2,187,000. Finally, Kennedy Capital Management LLC increased its stake in Peapack-Gladstone Financial by 31.3% in the 3rd quarter. Kennedy Capital Management LLC now owns 299,024 shares of the financial services provider's stock valued at $7,670,000 after purchasing an additional 71,252 shares in the last quarter. 72.75% of the stock is 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.