Weiss Ratings Reiterates Hold (C) Rating for Peapack-Gladstone Financial (NASDAQ:PGC)

Key Points

• Weiss Ratings has reiterated a Hold (C) rating for Peapack-Gladstone Financial (NASDAQ:PGC), with a consensus rating of Moderate Buy and a target price of $37.00.
• Peapack-Gladstone Financial's shares increased by 4.2% recently, trading between a 12-month low of $23.96 and a high of $37.88.
• Insider selling activity includes notable transactions, with executives selling a total of 5,702 shares worth approximately $167,461 in the last quarter.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report)'s stock had its "hold (c)" rating reissued by stock analysts at Weiss Ratings in a note issued to investors on Saturday,Weiss Ratings reports.

Several other brokerages have also recently commented on PGC. Zacks Research raised shares of Peapack-Gladstone Financial from a "strong sell" rating to a "hold" rating in a report on Friday, October 17th. Keefe, Bruyette & Woods lowered their target price on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd. Finally, Wall Street Zen raised shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Peapack-Gladstone Financial Stock Up 4.2%

Shares of PGC opened at $27.36 on Friday. Peapack-Gladstone Financial has a 12 month low of $23.96 and a 12 month high of $37.88. The firm's 50 day moving average is $28.17 and its 200-day moving average is $27.76. The stock has a market capitalization of $482.90 million, a PE ratio of 14.95 and a beta of 0.88. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Lisa Chalkan sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $29.65, for a total transaction of $74,125.00. Following the sale, the executive vice president owned 23,602 shares in the company, valued at approximately $699,799.30. This trade represents a 9.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gregory Martin Smith sold 3,200 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $29.15, for a total transaction of $93,280.00. Following the sale, the executive vice president owned 5,427 shares in the company, valued at $158,197.05. This represents a 37.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,702 shares of company stock worth $167,461 in the last quarter. 7.63% of the stock is currently owned by company insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of hedge funds have recently added to or reduced their stakes in PGC. CWM LLC raised its stake in shares of Peapack-Gladstone Financial by 338.9% during the second quarter. CWM LLC now owns 913 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 705 shares during the last quarter. Merit Financial Group LLC bought a new stake in Peapack-Gladstone Financial in the third quarter valued at $226,000. Quantbot Technologies LP grew its holdings in shares of Peapack-Gladstone Financial by 38.1% during the first quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider's stock valued at $232,000 after buying an additional 2,251 shares during the last quarter. Mendon Capital Advisors Corp acquired a new position in shares of Peapack-Gladstone Financial during the first quarter valued at about $235,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 purchasing an additional 390 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company's stock.

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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