Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells $104,100.04 in Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Maureen Hemhauser sold 2,297 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Peapack-Gladstone Financial Stock Up 1.0%

Shares of NASDAQ PGC opened at $44.82 on Friday. The firm’s 50-day moving average price is $45.76 and its 200-day moving average price is $42.90. Peapack-Gladstone Financial Corporation has a 52-week low of $24.71 and a 52-week high of $49.14. The company has a market cap of $794.66 million, a PE ratio of 15.56 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $86.05 million for the quarter, compared to analysts’ expectations of $85.17 million. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. As a group, equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio is presently 6.94%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter worth $293,000. Engineers Gate Manager LP bought a new position in Peapack-Gladstone Financial in the 2nd quarter worth $219,000. Integrated Wealth Concepts LLC purchased a new stake in Peapack-Gladstone Financial in the 2nd quarter worth $119,000. Sigma Planning Corp bought a new stake in Peapack-Gladstone Financial during the second quarter valued at about $237,000. Finally, Wellington Management Group LLP raised its holdings in Peapack-Gladstone Financial by 6.1% during the second quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider’s stock valued at $31,942,000 after acquiring an additional 38,797 shares during the period. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PGC shares. Raymond James Financial upped their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods reissued a “moderate buy” rating and issued a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Weiss Ratings upgraded Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Piper Sandler increased their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Zacks Research downgraded shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Buy” and a consensus target price of $56.33.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank’s offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.