Peapack-Gladstone Financial (NASDAQ:PGC) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) released its earnings results on Tuesday. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.07, Zacks reports. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.55%.

Peapack-Gladstone Financial Trading Up 1.7 %

Shares of PGC stock traded up $0.56 during mid-day trading on Wednesday, reaching $33.28. The company’s stock had a trading volume of 8,692 shares, compared to its average volume of 78,550. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $585.06 million, a PE ratio of 18.39 and a beta of 1.00. The company’s 50 day simple moving average is $33.66 and its 200-day simple moving average is $30.41. Peapack-Gladstone Financial has a 12-month low of $20.30 and a 12-month high of $37.88.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $30.00 to $35.00 in a research note on Wednesday, October 23rd.

Insider Buying and Selling

In related news, EVP John P. Babcock sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the transaction, the executive vice president now directly owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 7.63% of the stock is owned by corporate insiders.

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.