Peapack-Gladstone Financial (NASDAQ:PGC) Releases Earnings Results, Misses Estimates By $0.02 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) issued its quarterly earnings results on Monday. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.02), Zacks reports. Peapack-Gladstone Financial had a return on equity of 6.75% and a net margin of 9.60%.

Peapack-Gladstone Financial Price Performance

NASDAQ:PGC traded up $0.66 during mid-day trading on Monday, reaching $47.04. The stock had a trading volume of 232,104 shares, compared to its average volume of 148,971. The business’s 50 day moving average is $45.23 and its 200 day moving average is $38.66. Peapack-Gladstone Financial has a fifty-two week low of $24.42 and a fifty-two week high of $49.14. The stock has a market cap of $833.55 million, a P/E ratio of 18.97 and a beta of 0.71.

Insider Activity at Peapack-Gladstone Financial

In other news, Director Anthony W. Spinelli sold 2,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $44.63, for a total transaction of $89,260.00. Following the transaction, the director owned 11,742 shares in the company, valued at $524,045.46. This represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the transaction, the executive vice president owned 26,075 shares in the company, valued at $1,241,170. This represents a 4.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 8,100 shares of company stock valued at $377,170. 5.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of large investors have recently bought and sold shares of the business. Aquatic Capital Management LLC raised its holdings 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 valued at $145,000 after buying an additional 985 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth about $206,000. Balyasny Asset Management L.P. acquired a new position in shares of Peapack-Gladstone Financial during the 4th quarter valued at about $213,000. Martingale Asset Management L P bought a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at approximately $237,000. Finally, Hsbc Holdings PLC bought a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at approximately $242,000. 72.75% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PGC. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. Piper Sandler raised their price objective on Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial increased their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen lowered Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $49.67.

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.