Peapack-Gladstone Financial (NASDAQ:PGC) Trading Up 7.3%

Peapack-Gladstone Financial Co. (NASDAQ:PGC) was up 7.3% during mid-day trading on Wednesday . The stock traded as high as $29.77 and last traded at $29.13. Approximately 155,150 shares traded hands during trading, an increase of 59% from the average daily volume of 97,505 shares. The stock had previously closed at $27.15.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

Peapack-Gladstone Financial Price Performance

The company has a market capitalization of $506.86 million, a P/E ratio of 12.31 and a beta of 0.99. The firm’s fifty day moving average is $26.56 and its 200 day moving average is $24.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $100.79 million for the quarter, compared to the consensus estimate of $56.80 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%. As a group, analysts predict that Peapack-Gladstone Financial Co. will post 1.68 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.05 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.20 dividend on an annualized basis and a yield of 0.70%. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now directly owns 52,155 shares in the company, valued at approximately $1,402,447.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.63% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently modified their holdings of PGC. Basswood Capital Management L.L.C. purchased a new stake in shares of Peapack-Gladstone Financial in the 4th quarter worth approximately $4,590,000. GoodHaven Capital Management LLC purchased a new stake in Peapack-Gladstone Financial during the fourth quarter valued at approximately $2,187,000. Acadian Asset Management LLC purchased a new stake in Peapack-Gladstone Financial during the second quarter valued at approximately $1,444,000. American Century Companies Inc. lifted its position in Peapack-Gladstone Financial by 15.3% during the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock valued at $6,242,000 after acquiring an additional 36,564 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Peapack-Gladstone Financial by 45.6% during the second quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock valued at $2,173,000 after acquiring an additional 30,031 shares during the last quarter. Hedge funds and other 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.