Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Down – Time to Sell?

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $30.63, but opened at $29.68. Peapack-Gladstone Financial shares last traded at $29.68, with a volume of 3,184 shares traded.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 price target (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Peapack-Gladstone Financial Stock Up 1.8 %

The firm has a fifty day moving average of $27.43 and a 200-day moving average of $24.89. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a market cap of $512.19 million, a P/E ratio of 15.49 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. Peapack-Gladstone Financial had a return on equity of 5.91% and a net margin of 8.50%. The company had revenue of $100.79 million during the quarter, compared to the consensus estimate of $56.80 million. On average, equities research analysts anticipate that Peapack-Gladstone Financial Co. will post 1.75 earnings per share for the current year.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the sale, the executive vice president now directly owns 52,155 shares in the company, valued at $1,402,447.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Peapack-Gladstone Financial by 68.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 1,350 shares during the period. Denali Advisors LLC acquired a new position in Peapack-Gladstone Financial in the first quarter valued at about $204,000. BNP Paribas Financial Markets lifted 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 worth $204,000 after purchasing an additional 3,987 shares during the period. Algert Global LLC acquired a new stake in Peapack-Gladstone Financial during the second quarter worth about $209,000. Finally, Sei Investments Co. bought a new position in Peapack-Gladstone Financial in the 2nd quarter valued at about $214,000. Institutional investors and hedge funds 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.