Insider Selling: Peapack-Gladstone Financial (NASDAQ:PGC) EVP Sells 2,297 Shares

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) EVP Maureen Hemhauser sold 2,297 shares of the business’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $45.32, for a total value of $104,100.04. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Peapack-Gladstone Financial Stock Down 0.4%

Peapack-Gladstone Financial stock traded down $0.17 during trading hours on Tuesday, hitting $44.99. The stock had a trading volume of 45,296 shares, compared to its average volume of 149,771. The business’s 50 day simple moving average is $45.88 and its 200-day simple moving average is $42.68. Peapack-Gladstone Financial Corporation has a one year low of $24.71 and a one year high of $49.14. The stock has a market cap of $797.76 million, a price-to-earnings ratio of 15.62 and a beta of 0.70.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). Peapack-Gladstone Financial had a return on equity of 7.82% and a net margin of 11.09%.The firm had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. Research analysts anticipate that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Thursday, August 13th. Peapack-Gladstone Financial’s payout ratio is 6.94%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PGC. Raymond James Financial increased their price objective on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Peapack-Gladstone Financial in a research report on Friday, August 7th. Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods reissued a “moderate buy” rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $56.33.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada increased its position in shares of Peapack-Gladstone Financial by 73.2% during 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 in the last quarter. Parallel Advisors LLC lifted its position in Peapack-Gladstone Financial by 171.9% in the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares in the last quarter. OP Asset Management Ltd bought a new position in Peapack-Gladstone Financial in the 1st quarter valued at about $116,000. Integrated Wealth Concepts LLC acquired a new position in Peapack-Gladstone Financial during the 2nd quarter valued at about $119,000. Finally, Quantbot Technologies LP acquired a new position in Peapack-Gladstone Financial during the 2nd quarter valued at about $176,000. 72.75% of the stock is owned by institutional investors.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is a bank holding company headquartered in Bedminster, New Jersey. Its principal subsidiary, Peapack-Gladstone Bank, provides banking and wealth management services to businesses, individuals, families and nonprofit organizations.

The bank’s offerings include commercial and residential lending, business and personal deposit accounts, cash management, treasury services, private banking and other financial solutions. Through its wealth management business, it provides investment management, financial planning, fiduciary, trust and related advisory services.

Founded in 1921, Peapack-Gladstone Bank has historically focused on communities in New Jersey and the broader New York metropolitan area, including clients in the New York City market.