Douglas L. Kennedy Sells 20,000 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $28.91, for a total value of $578,200.00. Following the sale, the chief executive officer now directly owns 43,703 shares in the company, valued at approximately $1,263,453.73. The trade was a 31.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC traded down $0.10 during trading on Tuesday, hitting $28.88. The company had a trading volume of 42,307 shares, compared to its average volume of 93,514. The company has a market cap of $507.77 million, a P/E ratio of 15.58 and a beta of 1.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. The business’s 50-day moving average is $31.94 and its 200 day moving average is $31.77. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. Equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Thursday, February 6th were given a $0.05 dividend. The ex-dividend date was Thursday, February 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.69%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 10.81%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their target price on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new stake in shares of Peapack-Gladstone Financial in the fourth quarter worth $32,000. Albion Financial Group UT acquired a new stake in Peapack-Gladstone Financial during the 4th quarter worth about $35,000. Point72 Asset Management L.P. grew its stake in Peapack-Gladstone Financial by 157.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,400 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 1,468 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at about $112,000. Finally, Quantbot Technologies LP lifted its position in shares of Peapack-Gladstone Financial by 507.2% in the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider’s stock worth $189,000 after purchasing an additional 4,930 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.