Key Points
- Executive stock sale: EVP Maureen Hemhauser sold 2,297 Peapack-Gladstone Financial shares at an average price of $45.32, generating approximately $104,100 in proceeds.
- Financial performance: The company reported quarterly EPS of $0.85, below the $0.88 analyst consensus, while revenue of $86.05 million exceeded estimates. Analysts expect full-year EPS of $3.58.
- Investor outlook: Institutional investors own 72.75% of the stock, and analysts maintain an overall “Buy” rating with a consensus price target of $56.33. The company also pays a quarterly dividend of $0.05 per share, yielding about 0.4%.
Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $45.32, for a total transaction of $104,100.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Peapack-Gladstone Financial Stock Down 1.1%
Peapack-Gladstone Financial stock opened at $44.68 on Wednesday. Peapack-Gladstone Financial Corporation has a 52-week low of $24.71 and a 52-week high of $49.14. The firm has a market capitalization of $792.18 million, a price-to-earnings ratio of 15.51 and a beta of 0.70. The firm has a 50-day moving average price of $45.85 and a two-hundred day moving average price of $42.75.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Research analysts expect that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.
Peapack-Gladstone Financial Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.20 annualized dividend and a yield of 0.4%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is presently 6.94%.
Institutional Investors Weigh In On Peapack-Gladstone Financial
Large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Peapack-Gladstone Financial in the 2nd quarter valued at approximately $75,599,000. Algert Global LLC grew its position in Peapack-Gladstone Financial by 8.2% during the second quarter. Algert Global LLC now owns 356,295 shares of the financial services provider's stock worth $16,863,000 after buying an additional 26,880 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at approximately $2,292,000. Basswood Capital Management L.L.C. acquired a new stake in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $13,778,000. Finally, Wellington Management Group LLP increased its stake in Peapack-Gladstone Financial by 6.1% in the second quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider's stock valued at $31,942,000 after acquiring an additional 38,797 shares during the period. Institutional investors own 72.75% of the company's stock.
Analyst Ratings Changes
A number of research firms recently commented on PGC. Raymond James Financial raised their price objective on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Piper Sandler boosted their price objective on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a "buy" rating to a "hold" rating in a report on Sunday, July 26th. Keefe, Bruyette & Woods reiterated a "moderate buy" rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Finally, Zacks Research cut shares of Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $56.33.
Read Our Latest Stock Report on Peapack-Gladstone Financial
Peapack-Gladstone Financial Company Profile
(
Get Free Report)
Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.
The bank's offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.
Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.
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