Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Cut to $38.00 by Analysts at Keefe, Bruyette & Woods

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

Separately, Raymond James began coverage on Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 price objective for the company.

Peapack-Gladstone Financial Stock Performance

NASDAQ:PGC opened at $27.66 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial has a twelve month low of $20.30 and a twelve month high of $37.88. The company has a fifty day moving average of $28.77 and a 200-day moving average of $31.69. The firm has a market capitalization of $486.71 million, a P/E ratio of 14.95 and a beta of 0.82.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.08). The company had revenue of $64.36 million for the quarter, compared to analyst estimates of $64.07 million. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. As a group, sell-side analysts anticipate 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. Investors of record on Thursday, May 8th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.72%. Peapack-Gladstone Financial’s dividend payout ratio is presently 11.11%.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, Director F Duffield Meyercord acquired 6,316 shares of the company’s stock in a transaction on Monday, March 31st. The shares were acquired at an average cost of $28.44 per share, for a total transaction of $179,627.04. Following the purchase, the director now owns 140,372 shares in the company, valued at approximately $3,992,179.68. The trade was a 4.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Douglas L. Kennedy sold 5,000 shares of the company’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $28.58, for a total transaction of $142,900.00. Following the completion of the sale, the chief executive officer now owns 35,409 shares of the company’s stock, valued at approximately $1,011,989.22. The trade was a 12.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,633 shares of company stock worth $1,716,024. Insiders own 7.63% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Aquatic Capital Management LLC bought a new stake in Peapack-Gladstone Financial during the fourth quarter worth $32,000. Albion Financial Group UT purchased a new stake in shares of Peapack-Gladstone Financial during the 4th quarter valued at $35,000. KLP Kapitalforvaltning AS bought a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth $112,000. Quantbot Technologies LP boosted its holdings in shares of Peapack-Gladstone Financial by 507.2% in the 4th quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider’s stock worth $189,000 after buying an additional 4,930 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Peapack-Gladstone Financial in the 4th quarter worth about $201,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

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.