Douglas L. Kennedy Sells 20,000 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC) Stock

Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy sold 20,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were 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 of the company’s stock, valued at approximately $1,263,453.73. The trade was a 31.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock opened at $29.08 on Wednesday. The firm has a market capitalization of $511.37 million, a price-to-earnings ratio of 15.72 and a beta of 1.00. 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 business’s 50-day moving average price is $31.91 and its 200-day moving average price is $31.78. Peapack-Gladstone Financial Co. has a 12 month low of $20.30 and a 12 month high of $37.88.

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

Peapack-Gladstone Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in shares of Peapack-Gladstone Financial by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider’s stock valued at $35,811,000 after buying an additional 10,221 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Peapack-Gladstone Financial by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider’s stock worth $30,037,000 after acquiring an additional 62,803 shares during the period. Boston Partners boosted its holdings in Peapack-Gladstone Financial by 2.3% in the fourth quarter. Boston Partners now owns 781,826 shares of the financial services provider’s stock valued at $25,046,000 after acquiring an additional 17,220 shares during the last quarter. Wellington Management Group LLP increased its position in Peapack-Gladstone Financial by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 654,450 shares of the financial services provider’s stock valued at $20,975,000 after purchasing an additional 22,805 shares during the period. Finally, State Street Corp raised its holdings in Peapack-Gladstone Financial by 2.4% during the 3rd quarter. State Street Corp now owns 524,231 shares of the financial services provider’s stock worth $14,369,000 after purchasing an additional 12,332 shares during the last quarter. 72.75% of the stock is owned by institutional investors.

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.