Peapack-Gladstone Financial Co. (NASDAQ:PGC) to Issue $0.05 Quarterly Dividend

Peapack-Gladstone Financial Co. (NASDAQ:PGC) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Investors of record on Thursday, February 6th will be given a dividend of 0.05 per share by the financial services provider on Friday, February 21st. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Thursday, February 6th.

Peapack-Gladstone Financial has a payout ratio of 5.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Peapack-Gladstone Financial to earn $2.73 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 7.3%.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ PGC traded down $0.65 during trading hours on Thursday, reaching $31.69. 37,617 shares of the stock were exchanged, compared to its average volume of 79,404. The firm has a market capitalization of $557.18 million, a price-to-earnings ratio of 17.51 and a beta of 1.00. The stock’s fifty day simple moving average is $33.49 and its 200 day simple moving average is $30.49. 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 has a 52 week low of $20.30 and a 52 week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. Sell-side analysts predict that Peapack-Gladstone Financial will post 1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 3,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the transaction, the executive vice president now directly owns 49,155 shares in the company, valued at $1,587,214.95. This trade represents a 5.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.63% of the stock is currently 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.