Peapack-Gladstone Financial Co. Plans Quarterly Dividend of $0.05 (NASDAQ:PGC)

Peapack-Gladstone Financial Co. (NASDAQ:PGC) announced a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Shareholders of record on Thursday, February 6th will be paid a dividend of 0.05 per share by the financial services provider on Friday, February 21st. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Thursday, February 6th.

Peapack-Gladstone Financial has a payout ratio of 5.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Peapack-Gladstone Financial to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 5.0%.

Peapack-Gladstone Financial Stock Down 0.3 %

PGC stock opened at $31.56 on Tuesday. Peapack-Gladstone Financial has a 52 week low of $20.30 and a 52 week high of $37.88. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The company has a market cap of $554.82 million, a P/E ratio of 17.06 and a beta of 0.99. The company’s 50-day moving average price is $33.31 and its 200 day moving average price is $30.59.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping 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%. On average, research analysts expect that Peapack-Gladstone Financial will post 2.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $30.00 to $35.00 in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP Gregory Martin Smith sold 17,633 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $31.95, for a total value of $563,374.35. Following the completion of the sale, the executive vice president now owns 297 shares of the company’s stock, valued at approximately $9,489.15. The trade was a 98.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.18% of the stock is owned by insiders.

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.