Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells $55,825.00 in Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Gregory Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total value of $55,825.00. Following the completion of the sale, the executive vice president owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. The trade was a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Peapack-Gladstone Financial Trading Up 1.0%

Peapack-Gladstone Financial stock opened at $46.38 on Friday. Peapack-Gladstone Financial Corporation has a 1 year low of $24.71 and a 1 year high of $49.14. The company has a market cap of $822.32 million, a PE ratio of 16.10 and a beta of 0.70. The company’s 50-day moving average is $46.17 and its two-hundred day moving average is $41.72.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The business had revenue of $86.05 million for the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. Research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 6.94%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PGC shares. Zacks Research downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Piper Sandler increased their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $56.33.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds have recently bought and sold shares of PGC. BlackRock Inc. bought a new position in Peapack-Gladstone Financial in the second quarter valued at approximately $75,599,000. Wellington Management Group LLP increased its position in shares of Peapack-Gladstone Financial by 67.0% during 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Peapack-Gladstone Financial by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock worth $36,445,000 after acquiring an additional 14,582 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after acquiring an additional 28,489 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Peapack-Gladstone Financial by 6,182.3% during the second quarter. California State Teachers Retirement System now owns 867,086 shares of the financial services provider’s stock worth $41,039,000 after acquiring an additional 853,284 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

About Peapack-Gladstone Financial

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.