Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Sells 20,000 Shares of Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 20,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $28.91, for a total transaction of $578,200.00. Following the completion of the transaction, the chief executive officer now directly owns 43,703 shares in the company, valued at $1,263,453.73. This trade represents a 31.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Peapack-Gladstone Financial Stock Down 0.3 %

NASDAQ PGC traded down $0.10 during trading on Tuesday, reaching $28.88. The company’s stock had a trading volume of 42,307 shares, compared to its average volume of 93,514. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $507.77 million, a PE ratio of 15.58 and a beta of 1.00. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $37.88. The business has a 50-day moving average price of $31.94 and a 200-day moving average price of $31.77.

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

Peapack-Gladstone Financial Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Basswood Capital Management L.L.C. acquired a new position in shares of Peapack-Gladstone Financial during the 4th quarter worth about $7,928,000. Assenagon Asset Management S.A. acquired a new position in shares of Peapack-Gladstone Financial during the fourth quarter worth approximately $3,590,000. Vanguard Group Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock worth $30,037,000 after buying an additional 62,803 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Peapack-Gladstone Financial by 37.5% in the fourth quarter. JPMorgan Chase & Co. now owns 202,865 shares of the financial services provider’s stock valued at $6,502,000 after acquiring an additional 55,363 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Peapack-Gladstone Financial by 11.6% in the fourth quarter. American Century Companies Inc. now owns 339,148 shares of the financial services provider’s stock worth $10,870,000 after acquiring an additional 35,159 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.