Peapack-Gladstone Financial Co. Plans Quarterly Dividend of $0.05 (NASDAQ:PGC)

Peapack-Gladstone Financial Co. (NASDAQ:PGC) declared a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Shareholders of record on Thursday, February 6th will be paid a dividend of 0.05 per share by the financial services provider on Friday, February 21st. This represents a $0.20 annualized dividend and a yield of 0.63%. The ex-dividend date is Thursday, February 6th.

Peapack-Gladstone Financial has a dividend payout ratio of 5.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Peapack-Gladstone Financial to earn $2.73 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 7.3%.

Peapack-Gladstone Financial Trading Down 2.0 %

Shares of NASDAQ PGC traded down $0.65 during mid-day trading on Thursday, reaching $31.69. The company had a trading volume of 37,617 shares, compared to its average volume of 79,404. The stock has a market cap of $557.18 million, a price-to-earnings ratio of 17.51 and a beta of 1.00. Peapack-Gladstone Financial has a 52 week low of $20.30 and a 52 week high of $37.88. The business’s 50-day moving average is $33.49 and its 200-day moving average is $30.49. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%. Equities analysts expect that Peapack-Gladstone Financial will post 1.81 earnings per share for the current year.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.29, for a total transaction of $96,870.00. Following the completion of the transaction, the executive vice president now owns 49,155 shares in the company, valued at $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.63% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Peapack-Gladstone Financial Company Profile

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.