Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Down – Here’s What Happened

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) gapped down prior to trading on Tuesday . The stock had previously closed at $34.58, but opened at $32.87. Peapack-Gladstone Financial shares last traded at $32.83, with a volume of 7,120 shares.

Wall Street Analysts Forecast Growth

PGC has been the subject of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods upped their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.00.

Peapack-Gladstone Financial Price Performance

The company has a market capitalization of $574.93 million, a PE ratio of 15.46 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average is $30.70 and its 200-day moving average is $28.59.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.69 earnings per share for the quarter. Peapack-Gladstone Financial had a return on equity of 5.91% and a net margin of 8.40%.The business had revenue of $77.67 million for the quarter. Equities analysts predict that Peapack-Gladstone Financial Corporation will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.20 annualized dividend and a yield of 0.6%. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.48%.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mendon Capital Advisors Corp increased its position in shares of Peapack-Gladstone Financial by 63.4% during the fourth quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider’s stock valued at $1,105,000 after buying an additional 15,400 shares during the period. Empowered Funds LLC boosted its position in Peapack-Gladstone Financial by 4.5% during the 4th quarter. Empowered Funds LLC now owns 68,759 shares of the financial services provider’s stock valued at $1,915,000 after acquiring an additional 2,988 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Peapack-Gladstone Financial during the 4th quarter worth approximately $283,000. Polymer Capital Management US LLC bought a new position in shares of Peapack-Gladstone Financial in the 4th quarter worth approximately $390,000. Finally, Occudo Quantitative Strategies LP lifted its stake in shares of Peapack-Gladstone Financial by 23.3% in the 4th quarter. Occudo Quantitative Strategies LP now owns 13,864 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 2,617 shares during the period. 72.75% of the stock is owned by hedge funds and other institutional investors.

About Peapack-Gladstone Financial

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.