Insider Selling: Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP Sells 3,113 Shares of Stock
Peapack-Gladstone Financial Co. (NASDAQ:PGC – Get Rating) EVP Vincent A. Spero sold 3,113 shares of the stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $33.36, for a total transaction of $103,849.68. Following the completion of the sale, the executive vice president now owns 40,496 shares of the company’s stock, valued at approximately $1,350,946.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of PGC stock traded up $0.05 during trading hours on Friday, hitting $33.40. 2,238 shares of the company were exchanged, compared to its average volume of 55,920. The firm has a fifty day simple moving average of $32.73 and a 200 day simple moving average of $34.91. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.26. Peapack-Gladstone Financial Co. has a 52-week low of $28.89 and a 52-week high of $38.60. The stock has a market capitalization of $613.56 million, a price-to-earnings ratio of 11.23 and a beta of 1.12.
Peapack-Gladstone Financial (NASDAQ:PGC – Get Rating) last issued its quarterly earnings results on Friday, April 29th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.07). Peapack-Gladstone Financial had a return on equity of 10.58% and a net margin of 24.20%. The company had revenue of $54.34 million for the quarter, compared to analysts’ expectations of $54.39 million. Sell-side analysts anticipate that Peapack-Gladstone Financial Co. will post 3.24 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were paid a dividend of $0.05 per share. The ex-dividend date was Wednesday, May 11th. This represents a $0.20 annualized dividend and a dividend yield of 0.60%. Peapack-Gladstone Financial’s payout ratio is currently 6.73%.
Several hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in Peapack-Gladstone Financial in the 1st quarter valued at approximately $35,000. Dorsey Wright & Associates purchased a new position in Peapack-Gladstone Financial in the 1st quarter valued at approximately $40,000. Citigroup Inc. grew its stake in Peapack-Gladstone Financial by 84.6% in the 3rd quarter. Citigroup Inc. now owns 2,315 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,061 shares in the last quarter. KBC Group NV purchased a new position in Peapack-Gladstone Financial in the 4th quarter valued at approximately $105,000. Finally, Morgan Stanley grew its stake in Peapack-Gladstone Financial by 60.4% in the 2nd quarter. Morgan Stanley now owns 4,680 shares of the financial services provider’s stock valued at $146,000 after buying an additional 1,762 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.
Several equities research analysts have commented on PGC shares. Zacks Investment Research lowered shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Tuesday. StockNews.com started coverage on shares of Peapack-Gladstone Financial in a research note on Thursday, March 31st. They issued a “buy” rating for the company.
About Peapack-Gladstone Financial (Get Rating)
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.
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