Peapack-Gladstone Financial Corporation (PGC) Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other research firms also recently issued reports on PGC. Keefe, Bruyette & Woods reiterated a buy rating and set a $38.50 price objective on shares of Peapack-Gladstone Financial Corporation in a research note on Thursday, October 26th. BidaskClub upgraded shares of Peapack-Gladstone Financial Corporation from a hold rating to a buy rating in a research note on Thursday, September 28th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $35.75.

Peapack-Gladstone Financial Corporation (PGC) traded down $0.01 during trading on Tuesday, reaching $31.65. 40,800 shares of the company were exchanged, compared to its average volume of 55,722. Peapack-Gladstone Financial Corporation has a 52-week low of $25.54 and a 52-week high of $35.85. The stock has a market capitalization of $578.10, a P/E ratio of 16.66 and a beta of 1.02. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.26.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) last released its earnings results on Friday, October 27th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. Peapack-Gladstone Financial Corporation had a net margin of 20.36% and a return on equity of 9.54%. The firm had revenue of $38.82 million during the quarter.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.20 annualized dividend and a yield of 0.63%. Peapack-Gladstone Financial Corporation’s dividend payout ratio is currently 10.53%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. grew its stake in Peapack-Gladstone Financial Corporation by 288.3% during the second quarter. Citigroup Inc. now owns 4,349 shares of the financial services provider’s stock worth $136,000 after buying an additional 3,229 shares during the period. Voya Investment Management LLC purchased a new position in shares of Peapack-Gladstone Financial Corporation in the second quarter valued at $223,000. CAPROCK Group Inc. purchased a new position in shares of Peapack-Gladstone Financial Corporation in the third quarter valued at $236,000. Marshall Wace North America L.P. purchased a new position in shares of Peapack-Gladstone Financial Corporation in the second quarter valued at $267,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Peapack-Gladstone Financial Corporation in the second quarter valued at $271,000. Institutional investors own 67.86% of the company’s stock.

About Peapack-Gladstone Financial Corporation

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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