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

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

Peapack-Gladstone Financial Trading Up 0.9%

Peapack-Gladstone Financial stock opened at $45.57 on Thursday. The firm has a 50 day moving average of $41.09 and a 200 day moving average of $34.60. The firm has a market capitalization of $807.50 million, a price-to-earnings ratio of 18.38 and a beta of 0.72. Peapack-Gladstone Financial Corporation has a 12-month low of $24.42 and a 12-month high of $46.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.66 by $0.14. The firm had revenue of $82.49 million for the quarter, compared to the consensus estimate of $79.17 million. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%. On average, analysts predict that Peapack-Gladstone Financial Corporation will post 3.69 EPS for the current year.

Peapack-Gladstone Financial Dividend Announcement

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

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors have recently added to or reduced their stakes in PGC. Royal Bank of Canada grew its holdings in Peapack-Gladstone Financial by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,252 shares of the financial services provider’s stock valued at $44,000 after buying an additional 529 shares in the last quarter. Parallel Advisors LLC grew its holdings in Peapack-Gladstone Financial by 171.9% during the 1st quarter. Parallel Advisors LLC now owns 1,841 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,164 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Peapack-Gladstone Financial by 431.5% during the 4th quarter. State of Alaska Department of Revenue now owns 3,768 shares of the financial services provider’s stock valued at $104,000 after buying an additional 3,059 shares in the last quarter. OP Asset Management Ltd purchased a new stake in Peapack-Gladstone Financial during the 1st quarter valued at approximately $116,000. Finally, Aquatic Capital Management LLC grew its holdings in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock valued at $145,000 after buying an additional 985 shares in the last quarter. 72.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Peapack-Gladstone Financial Company Profile

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.