Peapack-Gladstone Financial (NASDAQ:PGC) Director Anthony Spinelli Sells 2,000 Shares of Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Director Anthony Spinelli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Peapack-Gladstone Financial Price Performance

PGC stock opened at $45.17 on Wednesday. The company has a 50 day simple moving average of $40.87 and a 200 day simple moving average of $34.45. The stock has a market cap of $800.41 million, a price-to-earnings ratio of 18.21 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 1 year low of $24.42 and a 1 year high of $45.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. The business had revenue of $82.49 million during the quarter, compared to analysts’ expectations of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. On average, equities research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 8.06%.

Analyst Ratings Changes

Several brokerages have issued reports on PGC. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Piper Sandler upped their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $40.50.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 529 shares during the period. Parallel Advisors LLC raised its stake in Peapack-Gladstone Financial by 171.9% during the first quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock worth $65,000 after buying an additional 1,164 shares during the last quarter. OP Asset Management Ltd acquired a new position in Peapack-Gladstone Financial in the first quarter valued at $116,000. State of Alaska Department of Revenue lifted its holdings in Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after buying an additional 3,059 shares during the period. Finally, Aquatic Capital Management LLC lifted its holdings in Peapack-Gladstone Financial by 23.1% in the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after buying an additional 985 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.