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. Shareholders of record on Thursday, November 12th will be given a dividend of $0.05 per share by the financial services provider on Friday, November 27th. This represents a $0.20 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 12th.

Peapack-Gladstone Financial has a dividend payout ratio of 5.2% meaning its dividend is sufficiently covered by earnings. Equities research 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 Down 0.6%

PGC stock opened at $45.91 on Friday. Peapack-Gladstone Financial has a twelve month low of $24.71 and a twelve month high of $49.14. The stock has a market capitalization of $813.98 million, a price-to-earnings ratio of 13.86 and a beta of 0.72. The firm’s fifty day simple moving average is $44.78 and its two-hundred day simple moving average is $41.06.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Tuesday, October 27th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.07. The firm 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%. As a group, equities research analysts expect that Peapack-Gladstone Financial will post 3.58 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Zacks Research lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Piper Sandler increased their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Raymond James Financial lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Keefe, Bruyette & Woods restated a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and a consensus target price 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.