Peapack-Gladstone Financial Co. (NASDAQ:PGC) Announces Quarterly Dividend of $0.05

Peapack-Gladstone Financial Co. (NASDAQ:PGC) announced a quarterly dividend on Tuesday, July 23rd, Zacks reports. Shareholders of record on Thursday, August 8th will be given a dividend of 0.05 per share by the financial services provider on Thursday, August 22nd. This represents a $0.20 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Thursday, August 8th.

Peapack-Gladstone Financial has a dividend payout ratio of 9.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Peapack-Gladstone Financial to earn $1.93 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 10.4%.

Peapack-Gladstone Financial Price Performance

PGC stock opened at $27.18 on Thursday. The stock has a market capitalization of $482.99 million, a price-to-earnings ratio of 12.47 and a beta of 0.99. The stock’s fifty day simple moving average is $22.72 and its 200-day simple moving average is $23.96. Peapack-Gladstone Financial has a 52-week low of $20.30 and a 52-week high of $31.49. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.23.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. Peapack-Gladstone Financial had a return on equity of 5.94% and a net margin of 8.50%. The company had revenue of $100.79 million during the quarter, compared to analysts’ expectations of $56.80 million. Equities research analysts expect that Peapack-Gladstone Financial will post 1.74 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PGC shares. Piper Sandler cut shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods reduced their target price on Peapack-Gladstone Financial from $29.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Stuart M. Vorcheimer sold 4,608 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $24.09, for a total transaction of $111,006.72. Following the sale, the executive vice president now directly owns 2,205 shares in the company, valued at approximately $53,118.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 7.63% of the company’s stock.

About Peapack-Gladstone Financial

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.