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

Peapack-Gladstone Financial Co. (NASDAQ:PGC) declared a quarterly dividend on Wednesday, September 25th, Zacks reports. Stockholders of record on Thursday, November 7th will be given a dividend of 0.05 per share by the financial services provider on Friday, November 22nd. This represents a $0.20 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend is Thursday, November 7th.

Peapack-Gladstone Financial has a payout ratio of 7.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Peapack-Gladstone Financial to earn $2.60 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 7.7%.

Peapack-Gladstone Financial Price Performance

PGC opened at $32.76 on Wednesday. The company has a market capitalization of $579.20 million, a price-to-earnings ratio of 18.10 and a beta of 0.96. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $28.56 and a 200-day moving average price of $25.51. Peapack-Gladstone Financial has a twelve month low of $20.30 and a twelve month high of $34.10.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $58.24 million. Equities analysts expect that Peapack-Gladstone Financial will post 1.82 EPS for the current year.

Insider Buying and Selling

In related news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at $1,402,447.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP John P. Babcock sold 10,000 shares of Peapack-Gladstone Financial stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at $1,402,447.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John P. Babcock sold 3,000 shares of Peapack-Gladstone Financial stock in a transaction on Monday, November 4th. The stock was 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 directly owns 49,155 shares in the company, valued at approximately $1,587,214.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.18% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on PGC. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

About Peapack-Gladstone Financial

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.