Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy Sells 20,000 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $28.91, for a total value of $578,200.00. Following the completion of the sale, the chief executive officer now directly owns 43,703 shares of the company’s stock, valued at approximately $1,263,453.73. The trade was a 31.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Peapack-Gladstone Financial Trading Up 0.4 %

Shares of PGC stock opened at $29.08 on Wednesday. Peapack-Gladstone Financial Co. has a 12-month low of $20.30 and a 12-month high of $37.88. The company has a market capitalization of $511.37 million, a PE ratio of 15.72 and a beta of 1.00. The firm has a 50 day moving average price of $31.91 and a two-hundred day moving average price of $31.78. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. As a group, analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Thursday, February 6th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Thursday, February 6th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 10.81%.

Institutional Trading of Peapack-Gladstone Financial

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in Peapack-Gladstone Financial by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider’s stock valued at $35,811,000 after buying an additional 10,221 shares during the period. Vanguard Group Inc. increased its stake in Peapack-Gladstone Financial by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after acquiring an additional 62,803 shares during the last quarter. Boston Partners raised its position in Peapack-Gladstone Financial by 2.3% during the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock valued at $25,046,000 after purchasing an additional 17,220 shares in the last quarter. Wellington Management Group LLP lifted its stake in Peapack-Gladstone Financial by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock worth $20,975,000 after purchasing an additional 22,805 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Peapack-Gladstone Financial by 2.4% in the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock valued at $14,369,000 after purchasing an additional 12,332 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price target on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

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.