Gregory Martin Smith Sells 1,250 Shares of Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the completion of the transaction, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. This represents a 9.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Peapack-Gladstone Financial Trading Up 1.0%

Shares of Peapack-Gladstone Financial stock opened at $46.38 on Friday. The business’s 50 day simple moving average is $46.17 and its 200-day simple moving average is $41.72. The stock has a market capitalization of $822.32 million, a price-to-earnings ratio of 16.10 and a beta of 0.70. Peapack-Gladstone Financial Corporation has a twelve month low of $24.71 and a twelve month high of $49.14.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The company had revenue of $86.05 million for the quarter, compared to analyst estimates of $85.17 million. Sell-side analysts predict that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis 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 (DPR) is 6.94%.

Institutional Trading of Peapack-Gladstone Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Peapack-Gladstone Financial by 73.2% during the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 529 shares during the last quarter. Parallel Advisors LLC grew its position in Peapack-Gladstone Financial by 171.9% in 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 worth approximately $116,000. Aquatic Capital Management LLC increased its holdings in shares of 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 in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $176,000. 72.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PGC has been the topic of a number of recent analyst reports. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Zacks Research downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note 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 research note on Wednesday, July 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a report on Friday, August 7th. Finally, Raymond James Financial lifted their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Buy” and a consensus price target of $56.33.

Peapack-Gladstone Financial Company Profile

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.