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

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

Peapack-Gladstone Financial Stock Up 7.7 %

Shares of NASDAQ PGC opened at $31.20 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The firm’s 50-day moving average is $27.55 and its two-hundred day moving average is $24.93. Peapack-Gladstone Financial has a 12-month low of $20.30 and a 12-month high of $31.71. The company has a market capitalization of $551.62 million, a PE ratio of 16.68 and a beta of 0.99.

Peapack-Gladstone Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

PGC has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued 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 raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $35.00 in a research note on Wednesday.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total transaction of $268,900.00. Following the sale, the executive vice president now owns 52,155 shares in the company, valued at approximately $1,402,447.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.63% of the company’s stock.

About Peapack-Gladstone Financial

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.