Peapack-Gladstone Financial (PGC) EVP Chalkan Sells $52K of Stock

Lisa Chalkan, Executive Vice President and Chief Credit Officer of Peapack-Gladstone Financial Corporation, sold 1,100 shares of the company on June 29. The shares were sold at an average price of $47.60, bringing the total transaction value to $52,360. This sale was not planned under a Rule 10b5-1 trading plan.

Insider Buying and Selling at Peapack-Gladstone Financial Corporation

In addition to Lisa Chalkan's recent sale, several other insiders have been active in trading Peapack-Gladstone shares. On June 11, Francesco Rossi, the Senior Vice President and Chief Accounting Officer, sold 2,484 shares at $45.52 each. Earlier, on June 8, Anthony Spinelli sold 2,000 shares at $44.63. In contrast, on March 31, Frank Cavallaro, the Chief Financial Officer, purchased 2,890 shares at $34.95, while President and CEO Douglas Kennedy acquired 11,296 shares at $35.21 on March 30.

Peapack-Gladstone Financial Corporation Stock Up 4.5%

Shares of Peapack-Gladstone Financial Corporation (NasdaqGS: PGC) traded near $47.64 on Tuesday. The company has a market capitalization of about $850.3 million and a price-to-earnings ratio of 19.4. Its 52-week range has been between $24.42 and $48.31. The stock's 50-day moving average is $42.98, and its 200-day moving average is $33.43.

Analysts Set New Price Targets

Analysts remain bullish on Peapack-Gladstone Financial, with Piper Sandler maintaining a 'buy' rating and setting a price target of $54 on June 26. The consensus among analysts is a strong buy, with an average price target of $49.44 based on four opinions.

About Peapack-Gladstone Financial Corporation

Peapack-Gladstone Financial Corporation, headquartered in Bedminster, New Jersey, operates as the bank holding company for Peapack Private Bank & Trust. It provides private banking and wealth management services through its Banking and Wealth Management segments. The company offers a range of financial products, including checking and savings accounts, loans, and wealth management services. Founded in 1921, it serves a diverse clientele, including businesses, non-profits, and individuals.

Bottom Line

Insider transactions at Peapack-Gladstone Financial provide insight into the activities of key company executives. While Lisa Chalkan's recent sale might catch investors' attention, it's important to consider the broader context of the company's performance and market conditions. With strong analyst support and a solid market position, Peapack-Gladstone continues to be a company to watch.