Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Declares Quarterly Dividend of $0.05

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) announced a quarterly dividend on Thursday, July 30th. Shareholders of record on Thursday, August 13th will be paid a dividend of 0.05 per share by the financial services provider on Thursday, August 27th. This represents a c) dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, August 13th.

Peapack-Gladstone Financial has a payout ratio of 5.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Peapack-Gladstone Financial to earn $4.81 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 4.2%.

Peapack-Gladstone Financial Stock Performance

NASDAQ:PGC opened at $46.02 on Friday. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $49.14. The stock has a market cap of $815.38 million, a P/E ratio of 15.98 and a beta of 0.71. The stock has a 50-day simple moving average of $45.56 and a 200-day simple moving average of $39.17.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.91%. The business had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. On average, equities research analysts predict that Peapack-Gladstone Financial will post 3.7 EPS for the current year.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 5,000 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the transaction, the executive vice president owned 45,582 shares in the company, valued at approximately $2,147,368.02. This represents a 9.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares of the company’s stock, valued at $1,241,170. This trade represents a 4.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 8,100 shares of company stock worth $377,170 over the last 90 days. 5.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 390 shares in the last quarter. Azora Capital LP grew its holdings in Peapack-Gladstone Financial by 4.1% during the 4th quarter. Azora Capital LP now owns 11,058 shares of the financial services provider’s stock valued at $308,000 after buying an additional 431 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Peapack-Gladstone Financial by 0.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 65,766 shares of the financial services provider’s stock valued at $1,832,000 after buying an additional 500 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Peapack-Gladstone Financial by 73.2% in the first quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 529 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Peapack-Gladstone Financial by 7.2% in the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider’s stock valued at $321,000 after acquiring an additional 763 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.