Peapack-Gladstone Financial (NASDAQ:PGC) Releases Earnings Results, Meets Expectations

Peapack-Gladstone Financial (NASDAQ:PGC) posted its earnings results on Tuesday. The financial services provider reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42, Zacks reports. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.94%. The firm had revenue of $100.79 million during the quarter, compared to analysts’ expectations of $56.80 million.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ:PGC traded up $1.41 during trading on Thursday, reaching $28.59. The company had a trading volume of 65,965 shares, compared to its average volume of 101,593. The firm’s fifty day moving average is $22.72 and its 200 day moving average is $23.96. The firm has a market capitalization of $508.04 million, a PE ratio of 12.47 and a beta of 0.99. Peapack-Gladstone Financial has a twelve month low of $20.30 and a twelve month high of $31.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 0.99.

Peapack-Gladstone Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Thursday, August 8th. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP Stuart M. Vorcheimer sold 4,608 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $24.09, for a total value of $111,006.72. Following the completion of the sale, the executive vice president now directly owns 2,205 shares of the company’s stock, valued at approximately $53,118.45. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 7.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on PGC shares. Piper Sandler cut shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods decreased their target price on shares of Peapack-Gladstone Financial from $29.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th.

About Peapack-Gladstone Financial

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.