Peapack-Gladstone Financial (NASDAQ:PGC) Shares Down 5.4% on Disappointing Earnings

Shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) traded down 5.4% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $27.76 and last traded at $28.26. 11,260 shares traded hands during trading, a decline of 87% from the average session volume of 89,508 shares. The stock had previously closed at $29.87.

The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.16). The company had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. Peapack-Gladstone Financial had a return on equity of 5.27% and a net margin of 7.71%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Peapack-Gladstone Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Peapack-Gladstone Financial by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,117,333 shares of the financial services provider's stock valued at $35,811,000 after acquiring an additional 10,221 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Peapack-Gladstone Financial by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 937,205 shares of the financial services provider's stock valued at $30,037,000 after buying an additional 62,803 shares in the last quarter. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 656,408 shares of the financial services provider's stock valued at $18,642,000 after purchasing an additional 1,958 shares during the last quarter. Brown Advisory Inc. raised its position in Peapack-Gladstone Financial by 19.7% in the 1st quarter. Brown Advisory Inc. now owns 592,666 shares of the financial services provider's stock valued at $16,832,000 after purchasing an additional 97,349 shares during the last quarter. Finally, Philadelphia Trust Co. raised its position in Peapack-Gladstone Financial by 14.0% in the 1st quarter. Philadelphia Trust Co. now owns 372,560 shares of the financial services provider's stock valued at $10,581,000 after purchasing an additional 45,825 shares during the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Performance

The firm's 50-day moving average is $28.38 and its 200 day moving average is $29.39. The stock has a market cap of $501.33 million, a PE ratio of 15.70 and a beta of 0.86. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95.

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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