Peapack-Gladstone Financial (NASDAQ:PGC) Releases Earnings Results, Misses Expectations By $0.16 EPS

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) posted its quarterly earnings data on Monday. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.16), Zacks reports. Peapack-Gladstone Financial had a return on equity of 5.27% and a net margin of 7.71%.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC traded up $0.08 on Monday, reaching $29.87. The company's stock had a trading volume of 93,961 shares, compared to its average volume of 89,800. The stock's 50-day moving average is $28.38 and its two-hundred day moving average is $29.39. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $37.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a market capitalization of $529.89 million, a P/E ratio of 16.59 and a beta of 0.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its position in Peapack-Gladstone Financial by 8.5% during the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider's stock worth $1,575,000 after acquiring an additional 4,329 shares during the last quarter. Jane Street Group LLC raised its stake in Peapack-Gladstone Financial by 119.7% during the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider's stock worth $1,482,000 after purchasing an additional 28,428 shares during the period. Royal Bank of Canada raised its stake in Peapack-Gladstone Financial by 40.4% during the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider's stock worth $302,000 after purchasing an additional 3,070 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 purchasing an additional 390 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PGC. Raymond James Financial began coverage on shares of Peapack-Gladstone Financial in a research report on Friday, April 11th. They set a "strong-buy" rating and a $39.00 price target on the stock. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Saturday, June 7th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th.

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.

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