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 firm’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 transaction 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 filing with the Securities & Exchange Commission, which is available through this hyperlink.

Peapack-Gladstone Financial Trading Up 2.4 %

Peapack-Gladstone Financial stock opened at $32.76 on Wednesday. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $34.10. The stock has a 50-day moving average price of $28.56 and a 200 day moving average price of $25.51. 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 company has a market capitalization of $579.20 million, a price-to-earnings ratio of 18.10 and a beta of 0.96.

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 the consensus estimate of $0.37 by $0.06. The business had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.60%. Sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 7th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.61%. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently bought and sold shares of PGC. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Peapack-Gladstone Financial by 68.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,350 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Peapack-Gladstone Financial by 90.4% during the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 3,987 shares in the last quarter. Algert Global LLC acquired a new stake in Peapack-Gladstone Financial in the second quarter valued at approximately $209,000. Sei Investments Co. purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at approximately $214,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at approximately $223,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on PGC shares. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and increased their price target for the company from $30.00 to $35.00 in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Peapack-Gladstone Financial Company Profile

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.