Peapack-Gladstone Financial Co. (PGC) CEO Buys $27,960.00 in Stock

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Peapack-Gladstone Financial Co. (NASDAQ:PGC) CEO Douglas L. Kennedy bought 1,000 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were acquired at an average cost of $27.96 per share, with a total value of $27,960.00. Following the acquisition, the chief executive officer now directly owns 100,049 shares of the company’s stock, valued at $2,797,370.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Shares of PGC traded up $0.12 during mid-day trading on Tuesday, reaching $27.36. The stock had a trading volume of 1,562 shares, compared to its average volume of 74,862. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $526.04 million, a P/E ratio of 14.10 and a beta of 0.97. Peapack-Gladstone Financial Co. has a 52-week low of $25.82 and a 52-week high of $38.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its earnings results on Friday, October 26th. The financial services provider reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.03). The company had revenue of $39.13 million for the quarter, compared to analysts’ expectations of $42.08 million. Peapack-Gladstone Financial had a return on equity of 10.02% and a net margin of 22.25%. Equities research analysts predict that Peapack-Gladstone Financial Co. will post 2.37 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Thursday, November 8th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.73%. The ex-dividend date is Wednesday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 10.31%.

A number of research firms have recently issued reports on PGC. Zacks Investment Research lowered shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Friday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $36.00 target price on shares of Peapack-Gladstone Financial in a report on Wednesday, October 31st. BidaskClub lowered shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Friday, July 13th. ValuEngine lowered shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Finally, FIG Partners reissued an “outperform” rating on shares of Peapack-Gladstone Financial in a report on Tuesday, July 24th. Three equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.50.

A number of hedge funds have recently made changes to their positions in PGC. Wells Fargo & Company MN boosted its stake in Peapack-Gladstone Financial by 9.7% during the first quarter. Wells Fargo & Company MN now owns 26,935 shares of the financial services provider’s stock worth $899,000 after buying an additional 2,386 shares during the period. Northern Trust Corp boosted its stake in Peapack-Gladstone Financial by 2.2% during the first quarter. Northern Trust Corp now owns 227,346 shares of the financial services provider’s stock worth $7,591,000 after buying an additional 4,879 shares during the period. BlackRock Inc. boosted its stake in Peapack-Gladstone Financial by 1.3% during the first quarter. BlackRock Inc. now owns 1,081,067 shares of the financial services provider’s stock worth $36,098,000 after buying an additional 14,273 shares during the period. JPMorgan Chase & Co. boosted its stake in Peapack-Gladstone Financial by 66.9% during the first quarter. JPMorgan Chase & Co. now owns 16,350 shares of the financial services provider’s stock worth $546,000 after buying an additional 6,556 shares during the period. Finally, California Public Employees Retirement System boosted its stake in Peapack-Gladstone Financial by 23.2% during the first quarter. California Public Employees Retirement System now owns 27,914 shares of the financial services provider’s stock worth $932,000 after buying an additional 5,249 shares during the period. 73.36% of the stock is owned by institutional investors.

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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 Private Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

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