Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Sells 17,633 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Gregory Martin Smith sold 17,633 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction 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 represents a 98.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Peapack-Gladstone Financial Price Performance

Shares of PGC stock traded down $0.01 during trading hours on Friday, reaching $31.65. 85,125 shares of the company were exchanged, compared to its average volume of 81,386. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $37.88. The stock’s fifty day moving average is $33.41 and its two-hundred day moving average is $30.49. The company has a market cap of $556.41 million, a price-to-earnings ratio of 17.11 and a beta of 1.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick 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 net margin of 8.11% and a return on equity of 5.57%. Sell-side analysts forecast that Peapack-Gladstone Financial Co. will post 2.73 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Thursday, February 6th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $0.20 annualized dividend and a yield of 0.63%. Peapack-Gladstone Financial’s dividend payout ratio is currently 10.81%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in Peapack-Gladstone Financial by 2.5% in the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after purchasing an additional 15,667 shares in the last quarter. State Street Corp increased its position in shares of Peapack-Gladstone Financial by 2.4% during the third quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock worth $14,369,000 after acquiring an additional 12,332 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Peapack-Gladstone Financial by 1.1% during the third quarter. Geode Capital Management LLC now owns 378,780 shares of the financial services provider’s stock worth $10,385,000 after acquiring an additional 4,172 shares in the last quarter. Synergy Asset Management LLC increased its position in shares of Peapack-Gladstone Financial by 7.9% during the fourth quarter. Synergy Asset Management LLC now owns 349,414 shares of the financial services provider’s stock worth $11,199,000 after acquiring an additional 25,687 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Peapack-Gladstone Financial by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 147,502 shares of the financial services provider’s stock worth $4,043,000 after acquiring an additional 8,393 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGC shares. Keefe, Bruyette & Woods upped their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

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.