Peapack-Gladstone Financial Corporation (PGC) to Issue Quarterly Dividend of $0.05 on August 27th

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) announced a quarterly dividend on Thursday, July 30th. Investors 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 dividend 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% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Peapack-Gladstone Financial to earn $4.79 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 Trading Down 0.1%

Shares of PGC opened at $45.98 on Friday. The stock’s 50-day moving average price is $45.62 and its two-hundred day moving average price is $39.22. Peapack-Gladstone Financial has a 12 month low of $24.42 and a 12 month high of $49.14. The company has a market capitalization of $814.77 million, a PE ratio of 15.97 and a beta of 0.71.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Sunday, July 26th. The financial services provider reported $0.85 earnings per share (EPS) 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 firm had revenue of $86.05 million during the quarter, compared to analyst estimates of $85.17 million. Equities research analysts predict that Peapack-Gladstone Financial will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Anthony W. 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 completion of the sale, the director owned 11,742 shares of the company’s stock, valued at approximately $524,045.46. This trade represents a 14.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the sale, the executive vice president owned 26,075 shares in the company, valued at $1,241,170. This represents a 4.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 8,100 shares of company stock worth $377,170. Insiders own 5.75% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock worth $31,429,000 after buying an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Peapack-Gladstone Financial by 255.0% during the 4th quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock worth $3,030,000 after acquiring an additional 78,135 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 100.8% during the 4th quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock worth $3,991,000 after acquiring an additional 71,932 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Peapack-Gladstone Financial in the fourth quarter worth $1,965,000. Finally, Walleye Capital LLC grew its position in Peapack-Gladstone Financial by 525.8% in the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock worth $1,995,000 after acquiring an additional 60,183 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

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.