Insider Selling: Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells 5,272 Shares of Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Maureen Hemhauser sold 5,272 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $35.59, for a total value of $187,630.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Peapack-Gladstone Financial Price Performance

PGC traded down $0.82 during trading hours on Tuesday, hitting $34.68. The company’s stock had a trading volume of 208,144 shares, compared to its average volume of 134,626. The stock has a market cap of $608.98 million, a price-to-earnings ratio of 17.88 and a beta of 0.73. The business’s 50-day moving average price is $29.73 and its 200-day moving average price is $28.04. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a 12 month low of $23.96 and a 12 month high of $35.68.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Tuesday, February 10th. The financial services provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $77.67 million during the quarter, compared to analysts’ expectations of $73.69 million. Peapack-Gladstone Financial had a net margin of 7.91% and a return on equity of 5.51%. Sell-side analysts expect that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, February 12th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 10.31%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PGC shares. Keefe, Bruyette & Woods boosted their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after acquiring an additional 456,828 shares during the period. Salzhauer Michael lifted its position in shares of Peapack-Gladstone Financial by 79.2% in the 3rd quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock worth $7,028,000 after purchasing an additional 112,504 shares during the period. Two Sigma Investments LP boosted its stake in shares of Peapack-Gladstone Financial by 59.0% during the third quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock valued at $4,331,000 after purchasing an additional 58,220 shares in the last quarter. Algert Global LLC boosted its stake in shares of Peapack-Gladstone Financial by 111.7% during the third quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock valued at $3,041,000 after purchasing an additional 58,135 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Peapack-Gladstone Financial by 53.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 138,006 shares of the financial services provider’s stock worth $3,843,000 after buying an additional 48,330 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.