Insider Selling: Peapack-Gladstone Financial (NASDAQ:PGC) Director Sells 2,000 Shares of Stock

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Director Anthony Spinelli sold 2,000 shares of Peapack-Gladstone Financial stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Peapack-Gladstone Financial Trading Up 1.8%

NASDAQ:PGC traded up $0.80 during mid-day trading on Tuesday, reaching $45.53. 123,043 shares of the stock were exchanged, compared to its average volume of 126,066. The business has a fifty day moving average price of $40.66 and a 200 day moving average price of $34.31. The firm has a market capitalization of $806.79 million, a PE ratio of 18.36 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 1-year low of $24.42 and a 1-year high of $45.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.14. The firm had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. On average, sell-side analysts forecast that Peapack-Gladstone Financial Corporation will post 3.69 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were issued 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, May 7th. Peapack-Gladstone Financial’s payout ratio is presently 8.06%.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its stake in Peapack-Gladstone Financial by 73.2% in the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 529 shares in the last quarter. Parallel Advisors LLC grew its stake in Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,164 shares in the last quarter. OP Asset Management Ltd purchased a new position in Peapack-Gladstone Financial during the 1st quarter valued at about $116,000. State of Alaska Department of Revenue grew its stake in Peapack-Gladstone Financial by 431.5% during the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 3,059 shares in the last quarter. Finally, Aquatic Capital Management LLC grew its stake 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 valued at $145,000 after acquiring an additional 985 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PGC shares. Weiss Ratings raised Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Piper Sandler lifted their price target on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.50.

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.