Key Points
- Executive insider sale: EVP Gregory Smith sold 1,250 Peapack-Gladstone Financial shares for $55,825 at an average price of $44.66, reducing his direct ownership by 9.01% to 12,622 shares.
- Stock and earnings: PGC opened at $45.94, with a 52-week range of $24.71 to $49.14. The company reported quarterly EPS of $0.85, below the $0.88 consensus estimate, while revenue of $86.05 million exceeded forecasts.
- Analyst outlook and dividend: Analysts maintain a consensus “Buy” rating with a $56.33 target price. The company paid a quarterly dividend of $0.05, equivalent to a 0.4% annualized yield.
Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) EVP Gregory Smith sold 1,250 shares of the business'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 sale, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Peapack-Gladstone Financial Stock Performance
Shares of NASDAQ PGC opened at $45.94 on Friday. The stock has a 50 day moving average price of $46.20 and a 200 day moving average price of $41.68. Peapack-Gladstone Financial Corporation has a 52 week low of $24.71 and a 52 week high of $49.14. The stock has a market capitalization of $814.52 million, a PE ratio of 15.95 and a beta of 0.70.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $86.05 million for the quarter, compared to analyst estimates of $85.17 million. Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%. As a group, research analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current year.
Peapack-Gladstone Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is currently 6.94%.
Analysts Set New Price Targets
Several research firms have issued reports on PGC. Keefe, Bruyette & Woods reaffirmed a "moderate buy" rating and set a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a research report on Friday, August 7th. Piper Sandler boosted their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Zacks Research cut shares of Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $56.33.
View Our Latest Analysis on Peapack-Gladstone Financial
Institutional Investors Weigh In On Peapack-Gladstone Financial
Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Peapack-Gladstone Financial during the second quarter worth $75,599,000. California State Teachers Retirement System raised its position in shares of Peapack-Gladstone Financial by 6,182.3% in the second quarter. California State Teachers Retirement System now owns 867,086 shares of the financial services provider's stock valued at $41,039,000 after purchasing an additional 853,284 shares during the period. Wellington Management Group LLP raised its position 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 purchasing an additional 456,828 shares during the period. Basswood Capital Management L.L.C. acquired a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $13,778,000. Finally, Bank of America Corp DE acquired a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter worth about $5,411,000. Institutional investors and hedge funds own 72.75% of the company's stock.
About Peapack-Gladstone Financial
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
