Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP John P. Babcock Sells 3,000 Shares

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the completion of the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Peapack-Gladstone Financial Stock Down 3.3 %

Shares of NASDAQ:PGC opened at $36.28 on Friday. The business has a fifty day simple moving average of $28.94 and a 200 day simple moving average of $25.67. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. The firm has a market cap of $641.43 million, a P/E ratio of 20.04 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.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%. Analysts predict that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 11.05%.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new stake in shares of Peapack-Gladstone Financial during the second quarter valued at approximately $1,444,000. American Century Companies Inc. lifted its position in shares of Peapack-Gladstone Financial by 15.3% during the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock valued at $6,242,000 after purchasing an additional 36,564 shares in the last quarter. Victory Capital Management Inc. bought a new stake in Peapack-Gladstone Financial in the 3rd quarter worth about $959,000. AQR Capital Management LLC increased its stake in Peapack-Gladstone Financial by 45.6% in the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after buying an additional 30,031 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter worth approximately $626,000. 72.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PGC has been the subject of several analyst reports. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a research 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.