Peapack-Gladstone Financial (NASDAQ:PGC) Director Anthony Spinelli Sells 2,000 Shares

Peapack-Gladstone Financial Corporation (NASDAQ:PGC) Director Anthony Spinelli sold 2,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director owned 11,742 shares in the company, valued at $524,045.46. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Peapack-Gladstone Financial Price Performance

PGC traded up $0.80 during trading hours on Tuesday, hitting $45.53. 123,043 shares of the stock were exchanged, compared to its average volume of 126,066. The stock has a market cap of $806.79 million, a price-to-earnings ratio of 18.36 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 12 month low of $24.42 and a 12 month high of $45.99. The stock has a 50-day simple moving average of $40.66 and a 200-day simple moving average of $34.31.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.14. The company had revenue of $82.49 million for the quarter, compared to analysts’ expectations of $79.17 million. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%. Sell-side analysts expect that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 8.06%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PGC shares. Piper Sandler raised their target price on Peapack-Gladstone Financial from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Weiss Ratings upgraded Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Peapack-Gladstone Financial by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock valued at $36,445,000 after purchasing an additional 14,582 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Peapack-Gladstone Financial by 3.0% during the third quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock valued at $26,897,000 after purchasing an additional 28,489 shares in the last quarter. State Street Corp raised its stake in shares of Peapack-Gladstone Financial by 6.2% during the fourth quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock valued at $15,302,000 after purchasing an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Peapack-Gladstone Financial by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock worth $12,605,000 after acquiring an additional 5,260 shares during the period. 72.75% of the stock is currently owned by 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.