Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Down – Here’s Why

Peapack-Gladstone Financial Co. (NASDAQ:PGC) gapped down before the market opened on Wednesday . The stock had previously closed at $34.86, but opened at $33.31. Peapack-Gladstone Financial shares last traded at $34.04, with a volume of 10,987 shares trading hands.

Wall Street Analyst Weigh In

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

Peapack-Gladstone Financial Stock Down 2.7 %

The stock has a market capitalization of $573.99 million, a price-to-earnings ratio of 17.65 and a beta of 0.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average of $32.68 and a two-hundred day moving average of $31.20.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.52 earnings per share for the quarter, beating 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%. As a group, sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 2.71 earnings per share for the current year.

Peapack-Gladstone Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Thursday, February 6th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Thursday, February 6th. Peapack-Gladstone Financial’s payout ratio is 10.81%.

Insider Activity at Peapack-Gladstone Financial

In related news, EVP Gregory Martin Smith sold 17,633 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $31.95, for a total transaction of $563,374.35. Following the transaction, the executive vice president now directly owns 297 shares of the company’s stock, valued at approximately $9,489.15. The trade was a 98.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in Peapack-Gladstone Financial by 34.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 8,517 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 2,162 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Peapack-Gladstone Financial by 8.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,467 shares of the financial services provider’s stock worth $912,000 after purchasing an additional 2,272 shares during the last quarter. Nuveen Asset Management LLC increased its position in Peapack-Gladstone Financial by 41.1% in the 4th quarter. Nuveen Asset Management LLC now owns 48,831 shares of the financial services provider’s stock worth $1,565,000 after purchasing an additional 14,220 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new position in Peapack-Gladstone Financial in the 4th quarter worth about $299,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Peapack-Gladstone Financial by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,549 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 380 shares during the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.

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.