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

Peapack-Gladstone Financial (NASDAQ:PGC) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.06, Yahoo Finance reports. The company had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.50% and a return on equity of 5.91%.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ PGC opened at $31.20 on Thursday. The company has a market capitalization of $551.62 million, a price-to-earnings ratio of 16.68 and a beta of 0.99. 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 has a 1-year low of $20.30 and a 1-year high of $31.71. The business has a 50-day moving average of $27.55 and a 200-day moving average of $24.93.

Peapack-Gladstone Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio is presently 10.70%.

Analysts Set New Price Targets

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

Insider Activity at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $1,402,447.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.