Peapack-Gladstone Financial (PGC) Cut to “Sell” at BidaskClub

BidaskClub downgraded shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a sell rating in a research note released on Tuesday.

A number of other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of Peapack-Gladstone Financial from a hold rating to a sell rating in a report on Wednesday, December 12th. Gabelli assumed coverage on shares of Peapack-Gladstone Financial in a report on Monday, February 11th. They issued a buy rating and a $37.00 price objective on the stock. Finally, FIG Partners lowered shares of Peapack-Gladstone Financial from an outperform rating to a market perform rating in a report on Monday, January 28th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $36.50.

Shares of Peapack-Gladstone Financial stock opened at $27.61 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.04 and a quick ratio of 1.04. Peapack-Gladstone Financial has a twelve month low of $23.96 and a twelve month high of $36.88. The firm has a market cap of $531.95 million, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 2.24 and a beta of 1.06.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Friday, January 25th. The financial services provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). Peapack-Gladstone Financial had a return on equity of 10.09% and a net margin of 21.67%. The business had revenue of $40.64 million for the quarter, compared to analysts’ expectations of $41.58 million. As a group, sell-side analysts expect that Peapack-Gladstone Financial will post 2.37 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 22nd. Stockholders of record on Thursday, February 7th were paid a $0.05 dividend. The ex-dividend date was Wednesday, February 6th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.72%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 8.66%.

Institutional investors have recently modified their holdings of the company. MetLife Investment Advisors LLC raised its stake in shares of Peapack-Gladstone Financial by 51.9% in the 3rd quarter. MetLife Investment Advisors LLC now owns 12,623 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 4,312 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Peapack-Gladstone Financial by 22.4% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 86,630 shares of the financial services provider’s stock valued at $2,676,000 after buying an additional 15,871 shares during the last quarter. Vanguard Group Inc grew its position in shares of Peapack-Gladstone Financial by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 766,829 shares of the financial services provider’s stock valued at $23,686,000 after buying an additional 6,322 shares during the last quarter. First Trust Advisors LP grew its position in shares of Peapack-Gladstone Financial by 12.8% during the 3rd quarter. First Trust Advisors LP now owns 51,469 shares of the financial services provider’s stock valued at $1,590,000 after buying an additional 5,847 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Peapack-Gladstone Financial by 10.3% during the 3rd quarter. Prudential Financial Inc. now owns 92,539 shares of the financial services provider’s stock valued at $2,858,000 after buying an additional 8,640 shares during the last quarter. Institutional investors and hedge funds own 72.48% 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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

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