Peapack-Gladstone Financial (NASDAQ:PGC) PT Lowered to $29.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its price target reduced by Keefe, Bruyette & Woods from $30.50 to $29.00 in a report released on Thursday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other research analysts also recently commented on the company. Piper Sandler downgraded Peapack-Gladstone Financial from an overweight rating to a neutral rating in a research note on Wednesday, April 24th. TheStreet cut shares of Peapack-Gladstone Financial from a b- rating to a c+ rating in a research report on Friday, February 23rd.

Peapack-Gladstone Financial Trading Up 1.5 %

Shares of NASDAQ:PGC opened at $23.31 on Thursday. Peapack-Gladstone Financial has a 52-week low of $21.58 and a 52-week high of $31.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $413.75 million, a P/E ratio of 10.69 and a beta of 0.99. The company has a 50-day simple moving average of $23.59 and a 200 day simple moving average of $25.43.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Wednesday, May 8th. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGC. Quantbot Technologies LP acquired a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter worth $25,000. Quest Partners LLC bought a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth approximately $77,000. Denali Advisors LLC acquired a new stake in shares of Peapack-Gladstone Financial during the 1st quarter worth approximately $204,000. BNP Paribas Financial Markets raised its position in Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 3,987 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Peapack-Gladstone Financial by 133.8% in the 3rd quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 5,031 shares in the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.

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.