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

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

PGC has been the topic of several other reports. Raymond James initiated coverage on shares of Peapack-Gladstone Financial in a research report on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 price target on the stock. Keefe, Bruyette & Woods reduced their target price on Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock traded down $0.05 during trading hours on Thursday, hitting $27.72. The stock had a trading volume of 14,146 shares, compared to its average volume of 98,434. Peapack-Gladstone Financial has a 1-year low of $20.30 and a 1-year high of $37.88. The stock has a market capitalization of $491.55 million, a price-to-earnings ratio of 14.98 and a beta of 0.87. The stock's fifty day moving average is $27.68 and its two-hundred day moving average is $31.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.08). Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. The business had revenue of $64.36 million during the quarter, compared to analysts' expectations of $64.07 million. As a group, analysts predict that Peapack-Gladstone Financial will post 2.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Douglas L. Kennedy sold 5,000 shares of Peapack-Gladstone Financial stock in a transaction on Friday, March 21st. The stock was sold at an average price of $28.79, for a total value of $143,950.00. Following the completion of the sale, the chief executive officer now owns 40,409 shares of the company's stock, valued at $1,163,375.11. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John P. Babcock sold 10,000 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $28.76, for a total value of $287,600.00. Following the completion of the transaction, the executive vice president now owns 39,155 shares of the company's stock, valued at $1,126,097.80. The trade was a 20.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,000 shares of company stock valued at $1,152,650 in the last ninety days. Insiders own 7.63% of the company's stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several large investors have recently added to or reduced their stakes in PGC. Acadian Asset Management LLC grew its stake in shares of Peapack-Gladstone Financial by 2.4% during the 1st quarter. Acadian Asset Management LLC now owns 95,821 shares of the financial services provider's stock valued at $2,721,000 after buying an additional 2,288 shares during the period. Mendon Capital Advisors Corp acquired a new position in Peapack-Gladstone Financial in the first quarter valued at $235,000. Jane Street Group LLC grew its position in Peapack-Gladstone Financial by 119.7% during the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider's stock valued at $1,482,000 after acquiring an additional 28,428 shares during the period. Empowered Funds LLC grew its position in Peapack-Gladstone Financial by 8.5% during the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider's stock valued at $1,575,000 after acquiring an additional 4,329 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Peapack-Gladstone Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider's stock worth $282,000 after acquiring an additional 390 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.

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