Gregory Martin Smith Sells 1,250 Shares of Peapack-Gladstone Financial (NASDAQ:PGC) Stock

Key Points

• Executive insider sale: EVP Gregory Martin Smith sold 1,250 Peapack-Gladstone Financial shares for $55,825, reducing his direct ownership by 9.01% to 12,622 shares.
• Stock and earnings: PGC recently traded at $46.09, near its 52-week high of $49.14. The company reported quarterly EPS of $0.85, below the $0.88 consensus, while revenue of $86.05 million exceeded estimates.
• Analyst outlook remains positive: Analysts maintain an overall “Buy” rating with an average price target of $56.33, while institutional investors own 72.75% of the stock.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) EVP Gregory Martin Smith sold 1,250 shares of Peapack-Gladstone Financial stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the transaction, the executive vice president directly owned 12,622 shares of the company's stock, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Peapack-Gladstone Financial Price Performance

NASDAQ:PGC traded up $0.65 during mid-day trading on Thursday, hitting $46.09. 21,185 shares of the company's stock were exchanged, compared to its average volume of 151,197. The company has a market cap of $817.18 million, a PE ratio of 15.93 and a beta of 0.70. Peapack-Gladstone Financial Corporation has a one year low of $24.71 and a one year high of $49.14. The business has a fifty day moving average price of $46.21 and a 200 day moving average price of $41.60.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share 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 7.82%. The business had revenue of $86.05 million for the quarter, compared to the consensus estimate of $85.17 million. On average, equities analysts forecast that Peapack-Gladstone Financial Corporation will post 3.58 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 13th. Peapack-Gladstone Financial's dividend payout ratio (DPR) is 6.94%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGC. California State Teachers Retirement System increased its holdings in shares of Peapack-Gladstone Financial by 6,182.3% in the 2nd quarter. California State Teachers Retirement System now owns 867,086 shares of the financial services provider's stock worth $41,039,000 after purchasing an additional 853,284 shares in the last quarter. Sigma Planning Corp purchased a new position in shares of Peapack-Gladstone Financial during the second quarter valued at approximately $237,000. Wellington Management Group LLP lifted its position in Peapack-Gladstone Financial by 6.1% during the second quarter. Wellington Management Group LLP now owns 674,880 shares of the financial services provider's stock valued at $31,942,000 after purchasing an additional 38,797 shares during the period. Empowered Funds LLC purchased a new stake in Peapack-Gladstone Financial in the second quarter worth approximately $3,841,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Peapack-Gladstone Financial in the second quarter worth approximately $350,000. 72.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PGC shares. Zacks Research downgraded Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Raymond James Financial raised their price target 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. Piper Sandler lifted their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Peapack-Gladstone Financial in a research note on Friday, August 7th. Finally, Keefe, Bruyette & Woods reissued a "moderate buy" rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $56.33.

Peapack-Gladstone Financial Company Profile

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.

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