Peapack-Gladstone Financial (NASDAQ:PGC) Posts Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• Peapack-Gladstone Financial reported $0.80 EPS vs. $0.66 expected and revenue of $82.49 million versus $79.17 million, beating analyst estimates on both metrics.
• Shares rose about 0.8% to $39.32 after the results; the stock has a market cap of roughly $690.9 million and a P/E of 18.6.
• Large institutional inflows and recent analyst upgrades (targets raised to $40 and $41) have pushed a consensus target of $40.50 and a "Moderate Buy" outlook.

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.14, FiscalAI reports. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. The company had revenue of $82.49 million for the quarter, compared to analyst estimates of $79.17 million.

Peapack-Gladstone Financial Stock Up 0.8%

NASDAQ:PGC traded up $0.30 on Wednesday, hitting $39.32. The stock had a trading volume of 102,572 shares, compared to its average volume of 130,583. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $690.85 million, a P/E ratio of 18.64 and a beta of 0.63. Peapack-Gladstone Financial has a 1 year low of $24.42 and a 1 year high of $40.40. The firm's fifty day simple moving average is $35.26 and its two-hundred day simple moving average is $30.72.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 5,272 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $35.59, for a total value of $187,630.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.75% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider's stock worth $31,429,000 after buying an additional 456,828 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Peapack-Gladstone Financial by 255.0% in the 4th quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider's stock worth $3,030,000 after buying an additional 78,135 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Peapack-Gladstone Financial by 100.8% in the 4th quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider's stock worth $3,991,000 after buying an additional 71,932 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Peapack-Gladstone Financial in the 4th quarter worth about $1,965,000. Finally, Walleye Capital LLC boosted its holdings in shares of Peapack-Gladstone Financial by 525.8% in the 4th quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider's stock worth $1,995,000 after buying an additional 60,183 shares during the last quarter. Institutional investors own 72.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PGC shares. Keefe, Bruyette & Woods upped their target price on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an "outperform" rating in a report on Monday, February 2nd. Piper Sandler upped their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an "overweight" rating in a report on Thursday, April 2nd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Peapack-Gladstone Financial has an average rating of "Moderate Buy" and a consensus target price of $40.50.

About Peapack-Gladstone Financial

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.

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