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 changing hands.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective 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 Performance

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

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its 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%. On average, research analysts predict that Peapack-Gladstone Financial Co. will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Thursday, February 6th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, February 6th. This represents a $0.20 annualized dividend and a yield of 0.61%. 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 stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 297 shares in the company, valued at $9,489.15. This represents a 98.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.63% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

A number of hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 acquiring an additional 380 shares during the period. Jane Street Group LLC lifted its position in shares of Peapack-Gladstone Financial by 1.6% in the 3rd quarter. Jane Street Group LLC now owns 23,998 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 387 shares during the period. Victory Capital Management Inc. lifted its position in shares of Peapack-Gladstone Financial by 1.6% in the 4th quarter. Victory Capital Management Inc. now owns 35,567 shares of the financial services provider’s stock worth $1,140,000 after acquiring an additional 567 shares during the period. Gamco Investors INC. ET AL lifted its position in shares of Peapack-Gladstone Financial by 1.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 57,485 shares of the financial services provider’s stock worth $1,842,000 after acquiring an additional 750 shares during the period. Finally, Barclays PLC lifted its position in shares of Peapack-Gladstone Financial by 2.5% in the 4th quarter. Barclays PLC now owns 34,491 shares of the financial services provider’s stock worth $1,105,000 after acquiring an additional 835 shares during the period. Institutional investors own 72.75% of the company’s stock.

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.