Peapack Gladstone Financial (PGC) Declares $0.05 Dividend

Peapack Gladstone Financial said on January 26, 2023 that its board of directors declared a regular quarterly dividend of $0.05 per share ($0.20 annualized). Shareholders of record as of February 8, 2023 will receive the payment on February 23, 2023. Previously, the company paid $0.05 per share.

At the current share price of $36.48 / share, the stock's dividend yield is 0.55%. Looking back five years and taking a sample every week, the average dividend yield has been 0.72%, the lowest has been 0.49%, and the highest has been 1.57%. The standard deviation of yields is 0.20 (n=237).

The current dividend yield is 0.86 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.05. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

Analyst Price Forecast Suggests 30.19% Upside

As of January 31, 2023, the average one-year price target for Peapack Gladstone Financial is $47.49. The forecasts range from a low of $45.45 to a high of $50.40. The average price target represents an increase of 30.19% from its latest reported closing price of $36.48.

The projected annual revenue for Peapack Gladstone Financial is $266MM, an increase of 12.64%. The projected annual EPS is $4.44, an increase of 8.52%.

Fund Sentiment

There are 348 funds or institutions reporting positions in Peapack Gladstone Financial. This is an increase of five owners or 1.46% in the last quarter.

Average portfolio weight of all funds dedicated to US:PGC is 0.1381%, an increase of 15.3602%. Total shares owned by institutions increased in the last three months by 3.62% to 15,063K shares.

What are large shareholders doing?

Banc Funds Co holds 775,890 shares representing 4.41% ownership of the company. No change in the last quarter.

FJ Capital Management holds 652,000 shares representing 3.71% ownership of the company. No change in the last quarter.

Brown Advisory holds 571,325 shares representing 3.25% ownership of the company. In it's prior filing, the firm reported owning 581,061 shares, representing a decrease of 1.70%. The firm increased its portfolio allocation in PGC by 18.96% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 479,425 shares representing 2.73% ownership of the company. In it's prior filing, the firm reported owning 477,690 shares, representing an increase of 0.36%. The firm increased its portfolio allocation in PGC by 18.53% over the last quarter.

Peapack-Gladstone Financial Background Information
(This description is provided by the company.)

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $5.9 billion and assets under management and/or administration of $8.8 billion as of December 31, 2020. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers. 

This story originally appeared on Fintel.