Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Down – Should You Sell?

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $34.86, but opened at $33.31. Peapack-Gladstone Financial shares last traded at $34.04, with a volume of 10,987 shares changing hands.

Analyst Upgrades and Downgrades

PGC has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Peapack-Gladstone Financial Stock Performance

The firm has a market cap of $591.48 million, a price-to-earnings ratio of 18.20 and a beta of 0.99. The firm’s 50 day moving average is $32.79 and its 200-day moving average is $31.10. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. Sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Thursday, February 6th will be paid a $0.05 dividend. The ex-dividend date is Thursday, February 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.59%. Peapack-Gladstone Financial’s payout ratio is presently 10.81%.

Insiders Place Their Bets

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 shares were sold at an average price of $31.95, for a total value of $563,374.35. Following the sale, 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 at the SEC website. Company insiders own 7.18% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Peapack-Gladstone Financial by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,549 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 380 shares during the period. Jane Street Group LLC lifted its holdings in shares of Peapack-Gladstone Financial by 1.6% during the 3rd quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 387 shares during the period. Victory Capital Management Inc. increased its stake in Peapack-Gladstone Financial by 1.6% in the fourth quarter. Victory Capital Management Inc. now owns 35,567 shares of the financial services provider’s stock valued at $1,140,000 after acquiring an additional 567 shares during the period. Gamco Investors INC. ET AL raised its position in Peapack-Gladstone Financial by 1.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 57,485 shares of the financial services provider’s stock worth $1,842,000 after purchasing an additional 750 shares in the last quarter. Finally, Barclays PLC lifted its stake in Peapack-Gladstone Financial by 2.5% during the fourth quarter. Barclays PLC now owns 34,491 shares of the financial services provider’s stock worth $1,105,000 after purchasing an additional 835 shares during the period. 72.75% of the stock is currently owned by institutional investors.

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.