Key Points
- Director Anthony Spinelli sold 2,000 shares of Peapack-Gladstone Financial at an average price of $44.63, totaling $89,260. After the sale, he still held 11,742 shares, a 14.55% reduction in his position.
- Peapack-Gladstone Financial stock was trading near its 12-month high, opening at $45.17, with a market cap of about $800.4 million and a recent 1.0% gain. The company also trades above both its 50-day and 200-day moving averages.
- The bank recently beat quarterly earnings expectations, reporting EPS of $0.80 versus the $0.66 estimate and revenue of $82.49 million versus $79.17 million expected. It also paid a quarterly dividend of $0.05 per share, and analysts currently rate the stock a Moderate Buy.
Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) Director Anthony Spinelli sold 2,000 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the completion of the transaction, the director owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Peapack-Gladstone Financial Stock Up 1.0%
PGC stock opened at $45.17 on Wednesday. The firm has a market cap of $800.41 million, a price-to-earnings ratio of 18.21 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 12-month low of $24.42 and a 12-month high of $45.99. The company's fifty day simple moving average is $40.87 and its 200 day simple moving average is $34.45.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.14. The business had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. Research analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current year.
Peapack-Gladstone Financial Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial's dividend payout ratio is currently 8.06%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of Peapack-Gladstone Financial by 67.0% in the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock valued at $31,429,000 after buying an additional 456,828 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider's stock valued at $3,030,000 after buying an additional 78,135 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider's stock valued at $3,991,000 after buying an additional 71,932 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter valued at $1,965,000. Finally, Walleye Capital LLC lifted its stake in shares of Peapack-Gladstone Financial by 525.8% in the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider's stock valued at $1,995,000 after buying an additional 60,183 shares in the last quarter. 72.75% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the stock. Piper Sandler increased their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, April 2nd. Weiss Ratings raised shares of Peapack-Gladstone Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.50.
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About Peapack-Gladstone Financial
(
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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.
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