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

Key Points

• Peapack-Gladstone Financial declared a quarterly dividend of $0.05 per share, payable August 27 to shareholders of record August 13. The dividend implies an annualized payout of $0.20 and a 0.4% yield, with a low 5.2% payout ratio indicating strong earnings coverage.
• For the latest quarter, the company reported earnings of $0.85 per share, slightly below analysts’ $0.88 estimate, while revenue of $86.05 million exceeded expectations of $85.17 million.
• PGC shares opened at $46.02, near their 52-week high of $49.14, with a market capitalization of approximately $815 million. Institutional investors own 72.75% of the stock, while insiders have sold 8,100 shares worth about $377,170 over the past 90 days.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) 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) annualized dividend 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. 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

PGC opened at $46.02 on Friday. The stock's 50 day moving average price is $45.56 and its 200-day moving average price is $39.17. Peapack-Gladstone Financial has a one year low of $24.42 and a one year high of $49.14. The stock has a market cap of $815.38 million, a price-to-earnings ratio of 15.98 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last released its earnings results on Sunday, July 26th. 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 return on equity of 7.91% and a net margin of 11.09%.The business had revenue of $86.05 million during the quarter, compared to analysts' expectations of $85.17 million. As a group, analysts predict that Peapack-Gladstone Financial will post 3.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the completion of the sale, the director owned 11,742 shares in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.60, for a total value of $52,360.00. Following the transaction, the executive vice president owned 26,075 shares in the company, valued at approximately $1,241,170. This represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,100 shares of company stock worth $377,170. Corporate insiders own 5.75% of the company's stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds have recently modified their holdings of PGC. Royal Bank of Canada grew its position in 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 period. Parallel Advisors LLC raised its holdings 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 buying an additional 1,164 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Peapack-Gladstone Financial by 431.5% in the fourth quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 3,059 shares in the last quarter. OP Asset Management Ltd purchased a new stake in Peapack-Gladstone Financial during the 1st quarter worth approximately $116,000. Finally, Aquatic Capital Management LLC lifted its holdings in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock worth $145,000 after buying an additional 985 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company's stock.

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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