Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Sells 5,000 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $28.58, for a total value of $142,900.00. Following the completion of the transaction, the chief executive officer now owns 35,409 shares in the company, valued at approximately $1,011,989.22. The trade was a 12.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Peapack-Gladstone Financial Stock Performance

Peapack-Gladstone Financial stock traded up $0.07 during mid-day trading on Monday, reaching $28.53. 28,014 shares of the company traded hands, compared to its average volume of 97,878. The company has a market capitalization of $501.93 million, a price-to-earnings ratio of 15.42 and a beta of 1.00. Peapack-Gladstone Financial Co. has a fifty-two week low of $20.30 and a fifty-two week high of $37.88. The firm’s fifty day moving average is $31.61 and its two-hundred day moving average is $31.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.97.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. Peapack-Gladstone Financial had a return on equity of 5.57% and a net margin of 8.11%. On average, equities research analysts expect that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds have recently bought and sold shares of PGC. Dimensional Fund Advisors LP lifted its holdings in shares of Peapack-Gladstone Financial by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider’s stock valued at $35,811,000 after buying an additional 10,221 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Peapack-Gladstone Financial by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock valued at $30,037,000 after purchasing an additional 62,803 shares in the last quarter. Boston Partners boosted its stake in Peapack-Gladstone Financial by 2.3% in the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock valued at $25,046,000 after acquiring an additional 17,220 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Peapack-Gladstone Financial by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock worth $20,975,000 after acquiring an additional 22,805 shares in the last quarter. Finally, State Street Corp increased its holdings in Peapack-Gladstone Financial by 2.4% during the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock worth $14,369,000 after purchasing an additional 12,332 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 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.