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

Key Points

• Peapack-Gladstone Financial reported quarterly EPS of $0.85, missing the consensus estimate by $0.02. The company posted a 9.60% net margin and 6.75% return on equity.
• PGC shares rose to $47.04, near their 12-month high of $49.14, with the stock up substantially from its 200-day moving average of $38.66.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $49.67; however, insiders sold 8,100 shares worth approximately $377,170 during the last quarter.

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

Peapack-Gladstone Financial Stock Performance

NASDAQ PGC traded up $0.66 during trading on Monday, hitting $47.04. 232,104 shares of the company's stock traded hands, compared to its average volume of 148,971. The stock has a market capitalization of $833.55 million, a price-to-earnings ratio of 18.97 and a beta of 0.71. Peapack-Gladstone Financial has a 12-month low of $24.42 and a 12-month high of $49.14. The business has a 50 day moving average of $45.23 and a 200-day moving average of $38.66.

Insiders Place Their Bets

In other news, EVP John P. Babcock sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.11, for a total value of $235,550.00. Following the sale, the executive vice president owned 45,582 shares of the company's stock, valued at $2,147,368.02. The trade was a 9.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anthony W. Spinelli sold 2,000 shares of the company's stock in a transaction that occurred 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 sale, the director owned 11,742 shares in the company, valued at $524,045.46. The trade was a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 8,100 shares of company stock worth $377,170 over the last quarter. 5.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Peapack-Gladstone Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider's stock worth $282,000 after acquiring an additional 390 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Peapack-Gladstone Financial by 7.2% in the second quarter. First Trust Advisors LP now owns 11,361 shares of the financial services provider's stock worth $321,000 after acquiring an additional 763 shares during the period. Osaic Holdings Inc. grew its position in shares of Peapack-Gladstone Financial by 6.8% in the fourth quarter. Osaic Holdings Inc. now owns 12,299 shares of the financial services provider's stock valued at $343,000 after purchasing an additional 780 shares in the last quarter. Rafferty Asset Management LLC grew its position in shares of Peapack-Gladstone Financial by 5.7% in the fourth quarter. Rafferty Asset Management LLC now owns 17,343 shares of the financial services provider's stock valued at $483,000 after purchasing an additional 938 shares in the last quarter. Finally, Aquatic Capital Management LLC raised its stake in shares of Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider's stock valued at $145,000 after purchasing an additional 985 shares during the period. Institutional investors own 72.75% of the company's stock.

Wall Street Analysts Forecast Growth

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

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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