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

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

Peapack-Gladstone Financial Price Performance

Shares of Peapack-Gladstone Financial stock opened at $31.75 on Friday. The stock has a market capitalization of $561.34 million, a P/E ratio of 17.54 and a beta of 0.99. The business has a 50 day simple moving average of $27.67 and a two-hundred day simple moving average 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 debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Peapack-Gladstone Financial Dividend Announcement

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

Insider Transactions at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the completion of the transaction, the executive vice president now directly owns 52,155 shares of the company’s stock, valued at approximately $1,402,447.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.63% of the company’s stock.

Wall Street Analyst Weigh In

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

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.