Peapack-Gladstone Financial (NASDAQ:PGC) Announces Earnings Results, Beats Estimates By $0.04 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) released its earnings results on Tuesday. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04, FiscalAI reports. The firm had revenue of $77.67 million during the quarter, compared to analysts’ expectations of $73.69 million. Peapack-Gladstone Financial had a net margin of 7.91% and a return on equity of 5.51%.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock opened at $33.40 on Wednesday. The business has a 50 day simple moving average of $28.95 and a 200 day simple moving average of $27.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. The company has a market capitalization of $586.50 million, a PE ratio of 17.22 and a beta of 0.73. Peapack-Gladstone Financial has a one year low of $23.96 and a one year high of $35.41.

Peapack-Gladstone Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. Peapack-Gladstone Financial’s dividend payout ratio is presently 10.31%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PGC. Piper Sandler lifted their target price on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods upped their target price on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Peapack-Gladstone Financial currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently made changes to their positions in PGC. Numerai GP LLC acquired a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter worth about $582,000. Aquatic Capital Management LLC grew its stake in Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the last quarter. Algert Global LLC increased its holdings in shares of Peapack-Gladstone Financial by 111.7% during the third quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock worth $3,041,000 after buying an additional 58,135 shares in the last quarter. Creative Planning raised its stake in shares of Peapack-Gladstone Financial by 4.9% in the third quarter. Creative Planning now owns 27,581 shares of the financial services provider’s stock valued at $761,000 after acquiring an additional 1,298 shares during the last quarter. Finally, Mendon Capital Advisors Corp boosted its holdings in shares of Peapack-Gladstone Financial by 46.7% in the 3rd quarter. Mendon Capital Advisors Corp now owns 24,277 shares of the financial services provider’s stock worth $670,000 after acquiring an additional 7,723 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.