Peapack-Gladstone Financial Co. Declares Quarterly Dividend of $0.05 (NASDAQ:PGC)

Peapack-Gladstone Financial Co. (NASDAQ:PGC) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Shareholders of record on Thursday, May 9th will be paid a dividend of 0.05 per share by the financial services provider on Thursday, May 23rd. This represents a $0.20 annualized dividend and a yield of 0.87%. The ex-dividend date is Wednesday, May 8th.

Peapack-Gladstone Financial has a payout ratio of 6.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Peapack-Gladstone Financial to earn $2.88 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 6.9%.

Peapack-Gladstone Financial Price Performance

PGC traded up $0.04 on Thursday, hitting $22.92. 108,597 shares of the company’s stock were exchanged, compared to its average volume of 84,936. Peapack-Gladstone Financial has a fifty-two week low of $21.58 and a fifty-two week high of $31.49. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $23.68 and a 200-day moving average price of $25.58. The stock has a market cap of $406.83 million, a price-to-earnings ratio of 10.50 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.06). Peapack-Gladstone Financial had a return on equity of 7.27% and a net margin of 10.11%. The company had revenue of $54.27 million for the quarter, compared to analysts’ expectations of $54.91 million. As a group, equities analysts anticipate that Peapack-Gladstone Financial will post 2.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. TheStreet lowered Peapack-Gladstone Financial from a “b-” rating to a “c+” rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods reduced their price objective on shares of Peapack-Gladstone Financial from $33.50 to $30.50 and set an “outperform” rating on the stock in a report on Friday, April 5th. Finally, Piper Sandler lowered shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a report on Wednesday.

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 4,500 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $30.02, for a total transaction of $135,090.00. Following the sale, the executive vice president now directly owns 15,703 shares in the company, valued at $471,404.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.63% of the stock is owned by insiders.

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.