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

Peapack-Gladstone Financial (NASDAQ:PGC - Free Report) had its price objective trimmed by Keefe, Bruyette & Woods from $30.50 to $29.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider's stock.

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

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock traded up $0.59 during trading hours on Thursday, hitting $22.97. The company's stock had a trading volume of 116,275 shares, compared to its average volume of 86,020. The company has a 50 day moving average of $23.59 and a 200 day moving average of $25.45. The stock has a market cap of $407.72 million, a PE ratio of 10.54 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 12-month low of $21.58 and a 12-month high of $31.49.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Wednesday, May 8th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 9.17%.

Institutional Trading of Peapack-Gladstone Financial

A number of hedge funds have recently added to or reduced their stakes in PGC. Quantbot Technologies LP purchased a new position in Peapack-Gladstone Financial during the third quarter valued at $25,000. Quest Partners LLC purchased a new position in Peapack-Gladstone Financial during the fourth quarter valued at $77,000. BNP Paribas Financial Markets lifted its holdings in Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider's stock valued at $204,000 after purchasing an additional 3,987 shares in the last quarter. Denali Advisors LLC purchased a new position in Peapack-Gladstone Financial during the first quarter valued at $204,000. Finally, SG Americas Securities LLC lifted its holdings in Peapack-Gladstone Financial by 133.8% during 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. 72.75% 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 Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.