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 stock was sold at an average price of $32.29, for a total value of $96,870.00. Following 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 transaction was disclosed in a filing with the SEC, which is available through this link.

Peapack-Gladstone Financial Trading Up 2.4 %

Shares of Peapack-Gladstone Financial stock opened at $32.76 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50 day simple moving average is $28.56 and its 200-day simple moving average is $25.51. The stock has a market cap of $579.20 million, a P/E ratio of 18.10 and a beta of 0.96. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%. The company had revenue of $102.14 million for the quarter, compared to analyst estimates of $58.24 million. Analysts predict that Peapack-Gladstone Financial Co. will post 1.82 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Thursday, November 7th. Peapack-Gladstone Financial’s payout ratio is currently 11.05%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research note on Monday, July 29th.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Peapack-Gladstone Financial by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after buying an additional 9,991 shares during the last quarter. Boston Partners grew its position in Peapack-Gladstone Financial by 1.6% in the first quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock worth $18,339,000 after acquiring an additional 12,226 shares during the period. American Century Companies Inc. increased its stake in 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 worth $6,242,000 after acquiring an additional 36,564 shares during the last quarter. Salzhauer Michael raised its position in Peapack-Gladstone Financial by 5.1% in the second quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock valued at $3,450,000 after purchasing an additional 7,429 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of 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 purchasing an additional 30,031 shares during the last quarter. 72.75% of the stock is 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.