Peapack-Gladstone Financial (NASDAQ:PGC) Announces Quarterly Earnings Results

Peapack-Gladstone Financial (NASDAQ:PGC) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06, Yahoo Finance reports. The business had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%.

Peapack-Gladstone Financial Trading Up 1.8 %

Peapack-Gladstone Financial stock opened at $31.75 on Friday. Peapack-Gladstone Financial has a 52 week low of $20.30 and a 52 week high of $32.22. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $561.34 million, a price-to-earnings ratio of 17.54 and a beta of 0.99. The stock has a 50-day moving average price of $27.67 and a 200 day moving average price of $24.98.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be paid a $0.05 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 11.05%.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP John P. Babcock sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $26.89, for a total transaction of $268,900.00. Following the completion of the transaction, 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 7.63% of the company’s stock.

Analyst Upgrades and Downgrades

PGC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 target price (up from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th. Piper Sandler upgraded shares of Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $30.00 to $35.00 in a report on Wednesday.

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.