BEDMINSTER, NJ—John P. Babcock, Senior Executive Vice President and President of Private Wealth Management at Peapack-Gladstone Financial Corp (NASDAQ:PGC), recently sold 3,000 shares of the company's common stock. The shares were sold at an average price of $32.2924, totaling approximately $96,877. Following this transaction, Babcock holds 49,155 shares directly. Additionally, he has indirect holdings of 47,925 shares through a rabbi trust and 6,642.23 shares in a 401(k) plan. Babcock also maintains various derivative holdings, including restricted stock units and phantom stock.
InvestingPro Insights
Peapack-Gladstone Financial Corp (NASDAQ:PGC) has been showing strong performance in recent months, with InvestingPro data indicating a 25.73% price total return over the past three months and an impressive 37.84% return over the last six months. This positive momentum aligns with the recent insider sale by John P. Babcock, potentially suggesting that the stock's value has increased significantly.
Despite the recent stock sale by the senior executive, PGC's fundamentals appear solid. The company's P/E ratio stands at 17.84, which is relatively moderate for the banking sector. Additionally, PGC boasts a dividend yield of 0.62%, with an impressive track record of maintaining dividend payments for 27 consecutive years, as noted in one of the InvestingPro Tips.
Interestingly, while the company has shown strong recent returns, another InvestingPro Tip indicates that net income is expected to drop this year. This contrast between stock performance and projected earnings highlights the complexity of the financial landscape PGC operates in.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for PGC, providing a deeper understanding of the company's financial health and market position.
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