Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Sells $563,374.35 in Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Gregory Martin Smith sold 17,633 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the sale, the executive vice president now owns 297 shares of the company’s stock, valued at $9,489.15. This trade represents a 98.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Peapack-Gladstone Financial Price Performance

NASDAQ PGC opened at $31.65 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The company has a market cap of $556.41 million, a PE ratio of 17.11 and a beta of 1.00. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The firm’s 50-day simple moving average is $33.41 and its two-hundred day simple moving average is $30.49.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. Research analysts predict that Peapack-Gladstone Financial Co. will post 2.73 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Thursday, February 6th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend is Thursday, February 6th. Peapack-Gladstone Financial’s payout ratio is currently 10.81%.

Analysts Set New Price Targets

PGC has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently made changes to their positions in the stock. Albion Financial Group UT bought a new position in Peapack-Gladstone Financial in the 4th quarter worth about $35,000. Point72 Asset Management L.P. increased its position in shares of Peapack-Gladstone Financial by 157.5% during the third quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,468 shares during the period. Algert Global LLC purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter worth about $209,000. Janus Henderson Group PLC bought a new position in shares of Peapack-Gladstone Financial in the third quarter valued at approximately $211,000. Finally, Sei Investments Co. purchased a new position in Peapack-Gladstone Financial during the second quarter valued at approximately $214,000. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.