Douglas L. Kennedy Acquires 3,720 Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) CEO Douglas L. Kennedy acquired 3,720 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average cost of $26.24 per share, for a total transaction of $97,612.80. Following the completion of the acquisition, the chief executive officer directly owned 39,129 shares in the company, valued at approximately $1,026,744.96. The trade was a 10.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Peapack-Gladstone Financial Stock Performance

PGC traded down $0.46 during trading on Thursday, hitting $25.88. 198,979 shares of the company traded hands, compared to its average volume of 93,437. The firm has a market cap of $459.11 million, a P/E ratio of 14.14 and a beta of 0.86. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.88. The stock's fifty day moving average is $28.30 and its 200 day moving average is $29.35.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.16). Peapack-Gladstone Financial had a return on equity of 5.29% and a net margin of 7.62%. The firm had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. As a group, equities analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Thursday, August 7th. Peapack-Gladstone Financial's payout ratio is currently 10.93%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PGC. Aquatic Capital Management LLC purchased a new position in Peapack-Gladstone Financial during the 4th quarter valued at about $32,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth about $112,000. Quantbot Technologies LP boosted its position in shares of Peapack-Gladstone Financial by 507.2% in the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock valued at $189,000 after acquiring an additional 4,930 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Peapack-Gladstone Financial during the fourth quarter valued at approximately $201,000. Finally, Stifel Financial Corp purchased a new position in Peapack-Gladstone Financial during the fourth quarter valued at approximately $211,000. 72.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PGC has been the topic of several analyst reports. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a report on Saturday, June 7th. Keefe, Bruyette & Woods reduced their target price on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Raymond James Financial began coverage on Peapack-Gladstone Financial in a research report on Friday, April 11th. They set a "strong-buy" rating and a $39.00 price target for the company.

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.

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