Peapack-Gladstone Financial (PGC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Peapack-Gladstone Financial (NASDAQ:PGC) from a hold rating to a sell rating in a research report released on Thursday.

According to Zacks, “The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality, personalized financial, trust and investment services to individuals and small businesses. “

PGC has been the subject of several other research reports. Keefe, Bruyette & Woods reiterated a buy rating and set a $36.00 price objective on shares of Peapack-Gladstone Financial in a research report on Wednesday, October 31st. ValuEngine lowered shares of Peapack-Gladstone Financial from a hold rating to a sell rating in a research report on Thursday, September 27th. Finally, BidaskClub lowered shares of Peapack-Gladstone Financial from a sell rating to a strong sell rating in a research report on Wednesday, August 8th. Three research analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $37.50.

PGC stock opened at $26.01 on Thursday. Peapack-Gladstone Financial has a 52 week low of $25.77 and a 52 week high of $38.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $500.41 million, a price-to-earnings ratio of 13.41 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Friday, October 26th. The financial services provider reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.03). Peapack-Gladstone Financial had a net margin of 22.25% and a return on equity of 9.83%. The business had revenue of $39.13 million for the quarter, compared to the consensus estimate of $42.08 million. Research analysts anticipate that Peapack-Gladstone Financial will post 2.37 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 23rd. Shareholders of record on Thursday, November 8th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $0.20 annualized dividend and a yield of 0.77%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 10.31%.

In other news, CFO Jeffrey J. Carfora bought 1,500 shares of the stock in a transaction dated Monday, November 5th. The stock was purchased at an average price of $28.21 per share, for a total transaction of $42,315.00. Following the acquisition, the chief financial officer now owns 81,116 shares of the company’s stock, valued at $2,288,282.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Douglas L. Kennedy bought 1,000 shares of the stock in a transaction dated Monday, November 5th. The stock was purchased at an average price of $27.96 per share, with a total value of $27,960.00. Following the acquisition, the chief executive officer now directly owns 100,049 shares in the company, valued at approximately $2,797,370.04. The disclosure for this purchase can be found here. 4.84% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in Peapack-Gladstone Financial in the 3rd quarter worth about $208,000. Engineers Gate Manager LP purchased a new position in Peapack-Gladstone Financial in the 2nd quarter worth about $293,000. Virginia Retirement Systems ET AL purchased a new position in Peapack-Gladstone Financial in the 2nd quarter worth about $356,000. MetLife Investment Advisors LLC increased its stake in 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 worth $390,000 after buying an additional 4,312 shares during the period. Finally, Alps Advisors Inc. increased its stake in Peapack-Gladstone Financial by 16.8% in the 3rd quarter. Alps Advisors Inc. now owns 15,396 shares of the financial services provider’s stock worth $476,000 after buying an additional 2,220 shares during the period. Hedge funds and other institutional investors own 71.49% 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.

See Also: Risk Tolerance

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