Peapack-Gladstone Financial Co. (NASDAQ:PGC) Announces Quarterly Dividend of $0.05

Peapack-Gladstone Financial Co. (NASDAQ:PGC) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Investors of record on Thursday, May 9th will be given a dividend of 0.05 per share by the financial services provider on Thursday, May 23rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Wednesday, May 8th.

Peapack-Gladstone Financial has a payout ratio of 6.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Peapack-Gladstone Financial to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 6.9%.

Peapack-Gladstone Financial Trading Up 0.2 %

Shares of PGC traded up $0.04 during trading hours on Thursday, reaching $22.92. The stock had a trading volume of 108,597 shares, compared to its average volume of 84,936. The company has a market cap of $406.83 million, a P/E ratio of 10.50 and a beta of 0.99. 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. The firm has a 50-day moving average of $23.68 and a 200 day moving average of $25.58.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.06). Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. The business had revenue of $54.27 million for the quarter, compared to analyst estimates of $54.91 million. On average, sell-side analysts expect that Peapack-Gladstone Financial will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. TheStreet downgraded shares of Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a research note on Friday, February 23rd. Piper Sandler cut shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating on the stock in a research note on Friday, April 5th.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 4,500 shares of Peapack-Gladstone Financial stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total value of $135,090.00. Following the completion of the sale, the executive vice president now directly owns 15,703 shares of the company’s stock, valued at $471,404.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 7.63% of the stock is owned by insiders.

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.