Keefe, Bruyette & Woods Cuts Peapack-Gladstone Financial (NASDAQ:PGC) Price Target to $38.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its target price cut by Keefe, Bruyette & Woods from $40.00 to $38.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Separately, Raymond James assumed coverage on shares of Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 target price on the stock.

Peapack-Gladstone Financial Trading Down 0.6 %

PGC opened at $27.50 on Thursday. The stock has a 50-day moving average of $28.62 and a 200 day moving average of $31.72. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial has a 12 month low of $20.30 and a 12 month high of $37.88. The firm has a market cap of $483.89 million, a P/E ratio of 14.86 and a beta of 0.82.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.08). Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. The company had revenue of $64.36 million during the quarter, compared to analysts’ expectations of $64.07 million. As a group, research analysts forecast that Peapack-Gladstone Financial will post 2.71 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be paid a $0.05 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.73%. Peapack-Gladstone Financial’s payout ratio is 11.11%.

Insider Activity

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 17,633 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the transaction, the executive vice president now directly owns 297 shares in the company, valued at $9,489.15. This trade represents a 98.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $28.76, for a total value of $287,600.00. Following the completion of the sale, the executive vice president now owns 39,155 shares of the company’s stock, valued at $1,126,097.80. This represents a 20.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,633 shares of company stock valued at $1,716,024. 7.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PGC. Salzhauer Michael lifted its position in shares of Peapack-Gladstone Financial by 9.3% in the 1st quarter. Salzhauer Michael now owns 161,802 shares of the financial services provider’s stock worth $4,595,000 after purchasing an additional 13,708 shares during the period. SummerHaven Investment Management LLC lifted its holdings in Peapack-Gladstone Financial by 1.3% during the first quarter. SummerHaven Investment Management LLC now owns 35,700 shares of the financial services provider’s stock worth $1,014,000 after buying an additional 454 shares during the period. SG Americas Securities LLC boosted its position in Peapack-Gladstone Financial by 344.0% during the 1st quarter. SG Americas Securities LLC now owns 43,539 shares of the financial services provider’s stock valued at $1,237,000 after acquiring an additional 33,733 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Peapack-Gladstone Financial by 6,579.2% in the 1st quarter. GAMMA Investing LLC now owns 14,427 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 14,211 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Peapack-Gladstone Financial by 3.6% in the 4th quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock worth $20,975,000 after acquiring an additional 22,805 shares in the last quarter. Hedge funds and other institutional investors 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.