Peapack-Gladstone Financial (PGC) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a sell rating to a hold rating in a research report report published on Monday.

A number of other brokerages have also recently commented on PGC. Hovde Group reiterated a buy rating and set a $39.00 price target on shares of Peapack-Gladstone Financial in a research report on Thursday, February 1st. Keefe, Bruyette & Woods reiterated a buy rating and set a $38.50 price target on shares of Peapack-Gladstone Financial in a research report on Thursday, October 26th. Finally, ValuEngine cut shares of Peapack-Gladstone Financial from a buy rating to a hold rating in a research report on Tuesday, November 14th.

Shares of Peapack-Gladstone Financial (PGC) opened at $34.25 on Monday. The firm has a market cap of $652.25, a P/E ratio of 18.06 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.02 and a quick ratio of 1.02. Peapack-Gladstone Financial has a one year low of $28.24 and a one year high of $38.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Monday, January 29th. The financial services provider reported $0.47 earnings per share for the quarter. Peapack-Gladstone Financial had a net margin of 21.05% and a return on equity of 9.71%. The business had revenue of $39.19 million for the quarter.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend is Wednesday, February 7th. Peapack-Gladstone Financial’s payout ratio is currently 9.85%.

In other Peapack-Gladstone Financial news, Director James R. Lamb sold 1,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $35.30, for a total transaction of $35,300.00. Following the transaction, the director now directly owns 21,756 shares in the company, valued at $767,986.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 2,060 shares of company stock worth $72,378 over the last quarter. Company insiders own 5.89% of the company’s stock.

Several institutional investors have recently modified their holdings of PGC. Schwab Charles Investment Management Inc. grew its holdings in shares of Peapack-Gladstone Financial by 21.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 58,757 shares of the financial services provider’s stock worth $1,839,000 after purchasing an additional 10,294 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Peapack-Gladstone Financial by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 93,893 shares of the financial services provider’s stock worth $2,938,000 after purchasing an additional 3,984 shares during the last quarter. Swiss National Bank bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth approximately $779,000. Wells Fargo & Company MN grew its holdings in shares of Peapack-Gladstone Financial by 1.5% in the second quarter. Wells Fargo & Company MN now owns 11,323 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 168 shares during the last quarter. Finally, Alliancebernstein L.P. bought a new position in shares of Peapack-Gladstone Financial in the second quarter worth approximately $382,000. Hedge funds and other institutional investors own 69.91% of the company’s stock.

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Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.

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