Peapack-Gladstone Financial Co. Plans Quarterly Dividend of $0.05 (PGC)

Peapack-Gladstone Financial Co. (NASDAQ:PGC) declared a quarterly dividend on Monday, October 29th, Wall Street Journal reports. Stockholders of record on Thursday, November 8th will be paid a dividend of 0.05 per share by the financial services provider on Friday, November 23rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend is Wednesday, November 7th.

Peapack-Gladstone Financial has a payout ratio of 8.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Peapack-Gladstone Financial to earn $2.63 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 7.6%.

Shares of PGC stock traded down $0.05 during mid-day trading on Monday, reaching $27.38. The company’s stock had a trading volume of 73,817 shares, compared to its average volume of 68,286. Peapack-Gladstone Financial has a 1-year low of $25.82 and a 1-year high of $38.00. The stock has a market cap of $521.48 million, a price-to-earnings ratio of 14.38 and a beta of 0.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.03 and a current ratio of 1.03.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Friday, October 26th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.03). Peapack-Gladstone Financial had a net margin of 22.25% and a return on equity of 10.02%. The business had revenue of $39.13 million during the quarter, compared to analyst estimates of $42.08 million. On average, sell-side analysts predict that Peapack-Gladstone Financial will post 2.42 earnings per share for the current year.

PGC has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. FIG Partners reiterated an “outperform” rating on shares of Peapack-Gladstone Financial in a research report on Tuesday, July 24th. BidaskClub cut shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Friday, July 13th. Finally, ValuEngine cut shares of Peapack-Gladstone Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Three analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $39.00.

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.

Further Reading: Preferred Stock

Dividend History for Peapack-Gladstone Financial (NASDAQ:PGC)

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