Peapack-Gladstone Financial (NASDAQ:PGC) EVP Gregory Martin Smith Sells 3,200 Shares

Key Points

• Gregory Martin Smith, EVP of Peapack-Gladstone Financial, sold 3,200 shares for a total of $93,280, reducing his holdings by 37.09% to 5,427 shares.
• The company's stock recently traded at $29.78, reflecting a 2.6% increase, with a market cap of $525.53 million.
• Peapack-Gladstone Financial announced a quarterly dividend of $0.05, resulting in an annualized dividend yield of 0.7% and a payout ratio of 10.93%.

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) EVP Gregory Martin Smith sold 3,200 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the transaction, the executive vice president directly owned 5,427 shares of the company's stock, valued at $158,197.05. This represents a 37.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Peapack-Gladstone Financial Price Performance

PGC stock traded down $0.88 during trading hours on Friday, hitting $29.06. 230,873 shares of the stock traded hands, compared to its average volume of 105,752. The stock has a 50-day simple moving average of $27.74 and a 200 day simple moving average of $27.88. Peapack-Gladstone Financial Corporation has a one year low of $23.96 and a one year high of $37.88. The company has a market cap of $512.91 million, a P/E ratio of 15.88 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.16). The company had revenue of $69.74 million during the quarter, compared to analysts' expectations of $69.77 million. Peapack-Gladstone Financial had a return on equity of 5.25% and a net margin of 7.62%. Equities analysts forecast that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is currently 10.93%.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several institutional investors have recently made changes to their positions in PGC. CWM LLC lifted its holdings in Peapack-Gladstone Financial by 338.9% in the 2nd quarter. CWM LLC now owns 913 shares of the financial services provider's stock worth $26,000 after purchasing an additional 705 shares during the last quarter. Quantbot Technologies LP lifted its holdings in Peapack-Gladstone Financial by 38.1% in the 1st quarter. Quantbot Technologies LP now owns 8,153 shares of the financial services provider's stock worth $232,000 after purchasing an additional 2,251 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in Peapack-Gladstone Financial in the 1st quarter worth approximately $235,000. Public Employees Retirement System of Ohio lifted its holdings in Peapack-Gladstone Financial by 34.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider's stock worth $273,000 after purchasing an additional 2,162 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Peapack-Gladstone Financial by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,549 shares of the financial services provider's stock worth $306,000 after purchasing an additional 380 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PGC. Wall Street Zen raised Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods lowered their target price on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $36.33.

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.