Piper Sandler Lowers Peapack-Gladstone Financial (NASDAQ:PGC) to Neutral

Piper Sandler lowered shares of Peapack-Gladstone Financial (NASDAQ:PGC) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports.

PGC has been the topic of a number of other reports. TheStreet lowered shares of Peapack-Gladstone Financial from a b- rating to a c+ rating in a research note on Friday, February 23rd. Keefe, Bruyette & Woods reduced their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an outperform rating on the stock in a research note on Friday, April 5th.

Peapack-Gladstone Financial Trading Down 0.8 %

NASDAQ:PGC opened at $22.74 on Wednesday. The firm’s fifty day moving average is $23.63 and its 200-day moving average is $25.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. Peapack-Gladstone Financial has a 52 week low of $21.58 and a 52 week high of $31.49. The firm has a market cap of $403.64 million, a P/E ratio of 10.43 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). Peapack-Gladstone Financial had a net margin of 10.11% and a return on equity of 7.27%. The firm had revenue of $54.27 million during the quarter, compared to the consensus estimate of $54.91 million. Equities analysts expect that Peapack-Gladstone Financial will post 2.04 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. Peapack-Gladstone Financial’s dividend payout ratio is presently 9.17%.

Insider Buying and Selling

In related news, EVP Gregory Martin Smith sold 4,500 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total transaction of $135,090.00. Following the transaction, the executive vice president now directly owns 15,703 shares of the company’s stock, valued at $471,404.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new position in Peapack-Gladstone Financial during the third quarter worth $25,000. Quest Partners LLC acquired a new position in Peapack-Gladstone Financial during the fourth quarter worth $77,000. Denali Advisors LLC acquired a new position in Peapack-Gladstone Financial during the first quarter worth $204,000. SG Americas Securities LLC raised 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 worth $225,000 after buying an additional 5,031 shares during the last quarter. Finally, Trexquant Investment LP raised its holdings in Peapack-Gladstone Financial by 9.6% during the third quarter. Trexquant Investment LP now owns 13,975 shares of the financial services provider’s stock worth $358,000 after buying an additional 1,222 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

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.