Peapack-Gladstone Financial (NASDAQ:PGC) Issues Earnings Results, Beats Expectations By $0.06 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06, Yahoo Finance reports. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%. The business had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million.

Peapack-Gladstone Financial Stock Up 1.8 %

Shares of NASDAQ:PGC traded up $0.55 during mid-day trading on Thursday, hitting $31.75. 81,165 shares of the company traded hands, compared to its average volume of 52,287. The stock has a market cap of $561.34 million, a P/E ratio of 17.54 and a beta of 0.99. The stock has a 50-day moving average price of $27.67 and a two-hundred day moving average price of $24.98. Peapack-Gladstone Financial has a 12-month low of $20.30 and a 12-month high of $32.22. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. Peapack-Gladstone Financial’s payout ratio is 11.05%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 price objective (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $35.00 in a research note on Wednesday.

Insider Buying and Selling at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total value of $268,900.00. Following the completion of the sale, the executive vice president now owns 52,155 shares in the company, valued at $1,402,447.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 7.63% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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 Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.