Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Lowered to $29.00 at Keefe, Bruyette & Woods

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

Several other research analysts have also issued reports on the company. Piper Sandler lowered Peapack-Gladstone Financial from an overweight rating to a neutral rating in a report on Wednesday, April 24th. TheStreet cut Peapack-Gladstone Financial from a b- rating to a c+ rating in a report on Friday, February 23rd.

Peapack-Gladstone Financial Stock Up 1.5 %

PGC traded up $0.34 during midday trading on Thursday, hitting $23.31. The company had a trading volume of 76,623 shares, compared to its average volume of 101,950. The company has a market capitalization of $413.75 million, a price-to-earnings ratio of 10.69 and a beta of 0.99. The stock’s 50 day moving average price is $23.59 and its 200 day moving average price is $25.43. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. Peapack-Gladstone Financial has a 52 week low of $21.58 and a 52 week high of $31.49.

Peapack-Gladstone Financial Announces Dividend

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

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in shares of Peapack-Gladstone Financial by 90.4% in the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 3,987 shares in the last quarter. Salzhauer Michael grew its position in Peapack-Gladstone Financial by 13.4% in the 1st quarter. Salzhauer Michael now owns 144,910 shares of the financial services provider’s stock worth $3,526,000 after purchasing an additional 17,122 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Peapack-Gladstone Financial by 212.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 31,390 shares of the financial services provider’s stock valued at $764,000 after buying an additional 21,345 shares during the last quarter. Denali Advisors LLC bought a new position in shares of Peapack-Gladstone Financial during the 1st quarter worth approximately $204,000. Finally, Wellington Management Group LLP boosted its stake in shares of Peapack-Gladstone Financial by 4.5% in the 4th quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock worth $16,824,000 after buying an additional 24,083 shares during the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

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.