Peapack-Gladstone Financial (NASDAQ:PGC) Announces Earnings Results, Beats Estimates By $0.07 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07, Zacks reports. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%.

Peapack-Gladstone Financial Trading Up 0.3%

PGC stock traded up $0.13 during trading on Tuesday, reaching $45.91. 109,757 shares of the stock were exchanged, compared to its average volume of 145,720. The business has a 50 day moving average price of $44.80 and a 200-day moving average price of $40.71. Peapack-Gladstone Financial has a 1 year low of $24.71 and a 1 year high of $49.14. The firm has a market capitalization of $813.89 million, a price-to-earnings ratio of 15.94 and a beta of 0.72.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.4%. The ex-dividend date was Thursday, August 13th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 6.94%.

Insider Activity

In other Peapack-Gladstone Financial news, EVP Gregory Smith sold 1,250 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total value of $55,825.00. Following the transaction, the executive vice president directly owned 12,622 shares in the company, valued at $563,698.52. The trade was a 9.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The disclosure for this sale is available in the SEC filing. Insiders own 5.75% of the company’s stock.

Wall Street Analyst Weigh In

PGC has been the subject of a number of recent research reports. Piper Sandler increased their price objective on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated a “moderate buy” rating and set a $56.00 target price (up from $55.00) on shares of Peapack-Gladstone Financial in a report on Monday, August 3rd. Raymond James Financial upped their price target on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Wall Street Zen cut Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Finally, Zacks Research downgraded Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $56.33.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.