Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Shareholders to Get $0.05 Quarterly Dividend

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) declared a quarterly dividend on Thursday, October 29th. Stockholders of record on Thursday, November 12th will be paid a dividend of $0.05 per share by the financial services provider on Friday, November 27th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 12th.

Peapack-Gladstone Financial has a payout ratio of 5.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Peapack-Gladstone Financial to earn $4.79 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 4.2%.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock opened at $45.91 on Friday. The firm’s 50-day simple moving average is $44.78 and its 200-day simple moving average is $41.06. The firm has a market cap of $813.98 million, a P/E ratio of 13.79 and a beta of 0.72. Peapack-Gladstone Financial has a twelve month low of $24.71 and a twelve month high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.07. The company had revenue of $88.50 million during the quarter, compared to analyst estimates of $90.13 million. Peapack-Gladstone Financial had a net margin of 12.69% and a return on equity of 9.12%. On average, equities analysts forecast that Peapack-Gladstone Financial will post 3.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. Raymond James Financial downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. Finally, Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.33.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.