Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Sells 3,000 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP John P. Babcock sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Peapack-Gladstone Financial Trading Up 1.9 %

Shares of NASDAQ:PGC traded up $0.60 during trading on Tuesday, reaching $32.60. 25,708 shares of the stock were exchanged, compared to its average volume of 92,890. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $34.10. The firm has a market cap of $576.37 million, a price-to-earnings ratio of 17.68 and a beta of 0.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The firm’s 50-day moving average price is $28.44 and its 200 day moving average price is $25.45.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.60%. The company had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million. On average, sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.61%. Peapack-Gladstone Financial’s dividend payout ratio is currently 11.05%.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently bought and sold shares of PGC. BNP Paribas Financial Markets grew its stake in shares of Peapack-Gladstone Financial by 90.4% in the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after buying an additional 3,987 shares in the last quarter. Empowered Funds LLC increased its position in Peapack-Gladstone Financial by 8.0% during the first quarter. Empowered Funds LLC now owns 51,786 shares of the financial services provider’s stock worth $1,260,000 after buying an additional 3,850 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Peapack-Gladstone Financial by 1.1% in the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after buying an additional 9,991 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Peapack-Gladstone Financial by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,423 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 628 shares in the last quarter. Finally, Boston Partners lifted its holdings in Peapack-Gladstone Financial by 1.6% in the 1st quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock worth $18,339,000 after purchasing an additional 12,226 shares during the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on PGC shares. Piper Sandler raised shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research note on Monday, July 29th.

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.