Insider Selling: Peapack-Gladstone Financial Corp (PGC) Director Sells 500 Shares of Stock
Peapack-Gladstone Financial Corp (NASDAQ:PGC) Director James R. Lamb sold 500 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $35.16, for a total value of $17,580.00. Following the sale, the director now directly owns 21,706 shares of the company’s stock, valued at approximately $763,182.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Peapack-Gladstone Financial Corp (NASDAQ PGC) traded down $0.01 on Thursday, hitting $34.85. The company’s stock had a trading volume of 96,000 shares, compared to its average volume of 58,123. The firm has a market capitalization of $636.53, a PE ratio of 18.35 and a beta of 0.99. Peapack-Gladstone Financial Corp has a 12 month low of $28.24 and a 12 month high of $37.30. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.02 and a current ratio of 1.02.
Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings data on Friday, October 27th. The financial services provider reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.11. The company had revenue of $38.82 million for the quarter. Peapack-Gladstone Financial had a return on equity of 9.54% and a net margin of 20.36%.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Thursday, November 9th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Wednesday, November 8th. Peapack-Gladstone Financial’s dividend payout ratio is presently 10.53%.
Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN lifted its stake in shares of Peapack-Gladstone Financial by 1.5% in the second quarter. Wells Fargo & Company MN now owns 11,323 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 168 shares in the last quarter. California Public Employees Retirement System lifted its stake in shares of Peapack-Gladstone Financial by 3.0% in the second quarter. California Public Employees Retirement System now owns 34,765 shares of the financial services provider’s stock worth $1,088,000 after acquiring an additional 1,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Peapack-Gladstone Financial by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 13,840 shares of the financial services provider’s stock worth $433,000 after acquiring an additional 1,076 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Peapack-Gladstone Financial by 1.7% in the second quarter. Russell Investments Group Ltd. now owns 65,047 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 1,094 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Peapack-Gladstone Financial by 10.4% in the second quarter. Rhumbline Advisers now owns 19,153 shares of the financial services provider’s stock worth $599,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors own 69.48% of the company’s stock.
A number of equities research analysts have issued reports on PGC shares. ValuEngine downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $38.50 price target on shares of Peapack-Gladstone Financial in a research report on Thursday, October 26th. Finally, BidaskClub raised Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $35.75.
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About Peapack-Gladstone Financial
Peapack-Gladstone Financial Corporation is a bank holding company. The Company’s principal subsidiary is Peapack-Gladstone Bank (the Bank), which is a state chartered commercial bank. The Company operates through two segments: Banking and Private Wealth Management Division. The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of automated teller machines (ATMs); telephone and Internet banking services; merchant credit card services, and customer support sales.
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