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

Key Points

• Peapack-Gladstone Financial reported quarterly EPS of $0.99, beating the consensus estimate of $0.92 by $0.07. The company posted an 11.09% net margin and a 7.82% return on equity.
• Shares rose 0.3% to $45.91, while analysts maintained a generally positive outlook with a consensus “Buy” rating and an average price target of $56.33.
• The company declared a quarterly dividend of $0.05, equivalent to $0.20 annually and a 0.4% yield; meanwhile, two executives recently sold company shares.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) released its earnings results on Tuesday. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate 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 Stock Up 0.3%

PGC traded up $0.13 during trading on Tuesday, hitting $45.91. The company's stock had a trading volume of 109,757 shares, compared to its average volume of 145,720. Peapack-Gladstone Financial has a one year low of $24.71 and a one year high of $49.14. The firm has a market cap of $813.89 million, a PE ratio of 15.94 and a beta of 0.72. The business's 50 day simple moving average is $44.80 and its 200-day simple moving average is $40.71.

Peapack-Gladstone Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Gregory Smith sold 1,250 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was 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 of the company's stock, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Maureen Hemhauser sold 2,297 shares of the firm's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $45.32, for a total value of $104,100.04. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.75% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on PGC shares. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Zacks Research downgraded Peapack-Gladstone Financial from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Raymond James Financial lifted their price target on 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. Keefe, Bruyette & Woods reiterated a "moderate buy" rating and issued a $56.00 price target (up from $55.00) on shares of Peapack-Gladstone Financial in a research note on Monday, August 3rd. Finally, Weiss Ratings raised shares of Peapack-Gladstone Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $56.33.

Peapack-Gladstone Financial Company Profile

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.

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