Peapack-Gladstone financial exec sells $268,919 in stock

In a recent transaction, John P. Babcock, SEVP & President of Private Wealth Management at Peapack-Gladstone Financial Corp (NASDAQ:PGC), sold shares of the company's stock. The executive parted with 10,000 shares at a price of $26.8919 each, totaling $268,919.

The sale, which took place on September 5, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the transaction, Babcock still retains a significant amount of Peapack-Gladstone Financial Corp stock. Directly, he owns 52,155 shares, and indirectly through a rabbi trust and a 401(k) plan, he holds an additional 54,567.23 shares. The indirect holdings include 47,925 shares held in a rabbi trust and 6,642.23 shares in a 401(k) plan, as per the footnotes in the filing.

Additionally, Babcock has interests in derivative securities in the form of restricted stock units and phantom stock, which represent the right to receive common stock upon meeting certain conditions or performance criteria. These holdings add up to a total of 67,473 shares, with varying vesting conditions and performance criteria as outlined in the footnotes of the SEC filing.

Investors often monitor insider transactions as they can provide insights into an executive's view of the company's current valuation and future prospects. However, it is important to note that insider transactions may be subject to various personal financial needs or portfolio strategies and do not always indicate a change in company outlook.

Peapack-Gladstone Financial Corp, based in Bedminster, New Jersey, operates as the bank holding company for Peapack-Gladstone Bank, which provides private banking and wealth management services. The company's stock is traded on the NASDAQ under the ticker symbol PGC.

"In other recent news, Peapack-Gladstone Financial Corporation has made noteworthy strides in its strategic growth plan. The company announced the hiring of Kevin D. Casey as a Managing Principal and Head of Sales and Relationship Management. With a wealth of experience from JP Morgan Chase (NYSE:JPM) & Company, TD Bank Wealth Management, Citigroup, and Morgan Stanley, Casey's role will be pivotal in enhancing client service and satisfaction.

In addition to Casey's appointment, the corporation has welcomed Jerry Dominguez as Senior Managing Director, Greg Tamberlane as Senior Vice President, Head of Commercial Bank Operations, and Kate Sant'Angelo as Senior Vice President, Director of Personal Banking. These recent appointments demonstrate the company's commitment to bolstering its leadership team and expanding its market presence.

Furthermore, analysts from Keefe, Bruyette & Woods have adjusted the company's stock price target, maintaining an 'Outperform' rating. They anticipate the company's recent expansion of its commercial team to contribute significantly to deposit growth in the long term. These recent developments underscore Peapack-Gladstone's dedication to its strategic growth plan and commitment to client service."

InvestingPro Insights

Following the recent insider transaction at Peapack-Gladstone Financial Corp, investors may find it valuable to consider the company's performance and financial health through the lens of InvestingPro data and insights. Peapack-Gladstone Financial Corp, with a market capitalization of approximately $464 million, is currently trading with a Price-to-Earnings (P/E) ratio of 13.93. This indicates how much investors are willing to pay for a dollar of earnings, suggesting a moderate valuation relative to earnings.

Despite a challenging revenue environment, as indicated by a revenue decline of 15.04% over the last twelve months as of Q2 2024, the company has managed to maintain a strong operating income margin of 24.4%. This demonstrates its ability to control costs and effectively convert sales into profit. Additionally, the company has shown resilience with a robust three-month price total return of 26.76%, reflecting positive investor sentiment in the recent quarter.

InvestingPro Tips further highlight the company's commitment to shareholder returns, with Peapack-Gladstone Financial Corp maintaining dividend payments for 27 consecutive years—a testament to its long-term stability and reliability. Moreover, analysts predict the company will remain profitable this year, which aligns with the company's profitable performance over the last twelve months. For those interested in a deeper analysis of Peapack-Gladstone Financial Corp, there are additional InvestingPro Tips available on the platform.

It's also noteworthy that the company's fair value, as assessed by analysts and InvestingPro's own fair value estimate, stands at around $32, suggesting potential upside from the previous close price of $26.86. This could indicate an opportunity for investors considering the company's stock.

For investors tracking Peapack-Gladstone Financial Corp's stock and seeking a comprehensive understanding of its prospects, additional InvestingPro Tips are available, offering detailed insights into the company's financial and operational performance.

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