Peapack-Gladstone Financial (NASDAQ:PGC) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Peapack-Gladstone Financial (NASDAQ: PGC) from buy to hold, even though other analysts have been more bullish on the stock.
• The company recently reported better-than-expected quarterly results, with EPS of $0.80 versus the $0.66 consensus estimate and revenue of $82.49 million topping forecasts.
• PGC shares were up 1.5% and opened at $46.38, while insider selling and institutional ownership remain notable, with insiders selling shares recently and institutions holding 72.75% of the stock.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday.

PGC has been the subject of a number of other reports. Raymond James Financial upped their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st. Zacks Research raised shares of Peapack-Gladstone Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, June 26th. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $49.67.

Peapack-Gladstone Financial Trading Up 1.5%

Shares of NASDAQ PGC opened at $46.38 on Friday. The stock has a market capitalization of $821.85 million, a PE ratio of 18.70 and a beta of 0.71. The stock's fifty day simple moving average is $45.23 and its two-hundred day simple moving average is $38.59. Peapack-Gladstone Financial has a 12-month low of $24.42 and a 12-month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.14. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.The business had revenue of $82.49 million during the quarter, compared to analysts' expectations of $79.17 million. On average, equities analysts predict that Peapack-Gladstone Financial will post 3.76 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Lisa Chalkan sold 1,100 shares of Peapack-Gladstone Financial stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the transaction, the executive vice president directly owned 26,075 shares of the company's stock, valued at $1,241,170. The trade was a 4.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John P. Babcock sold 5,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company's stock, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,100 shares of company stock valued at $377,170 in the last ninety days. 5.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently made changes to their positions in PGC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider's stock valued at $282,000 after acquiring an additional 390 shares during the last quarter. Azora Capital LP grew its stake in shares of Peapack-Gladstone Financial by 4.1% in the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider's stock valued at $308,000 after purchasing an additional 431 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Peapack-Gladstone Financial by 0.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider's stock valued at $1,832,000 after purchasing an additional 500 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Peapack-Gladstone Financial by 73.2% in the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 529 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Peapack-Gladstone Financial by 7.2% in the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider's stock valued at $321,000 after purchasing an additional 763 shares during the period. Institutional investors and hedge funds own 72.75% of the company's stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.

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