Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Sells 17,633 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Gregory Martin Smith sold 17,633 shares of Peapack-Gladstone Financial stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now directly owns 297 shares of the company’s stock, valued at $9,489.15. The trade was a 98.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC traded down $0.01 during trading on Friday, reaching $31.65. The company’s stock had a trading volume of 85,125 shares, compared to its average volume of 81,386. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $556.41 million, a price-to-earnings ratio of 17.11 and a beta of 1.00. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88. The firm has a 50 day moving average price of $33.41 and a 200 day moving average price of $30.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. As a group, equities analysts anticipate that Peapack-Gladstone Financial Co. will post 2.73 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Thursday, February 6th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend is Thursday, February 6th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 10.81%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new position in Peapack-Gladstone Financial in the 2nd quarter valued at approximately $214,000. Cubist Systematic Strategies LLC bought a new position in Peapack-Gladstone Financial during the second quarter worth $223,000. Squarepoint Ops LLC bought a new position in Peapack-Gladstone Financial during the second quarter worth $626,000. AQR Capital Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 45.6% in the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after buying an additional 30,031 shares in the last quarter. Finally, Algert Global LLC bought a new position in shares of Peapack-Gladstone Financial in the second quarter valued at $209,000. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PGC shares. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.