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

Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report)'s stock price dropped 5.4% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $27.76 and last traded at $28.26. Approximately 11,260 shares traded hands during mid-day trading, a decline of 87% from the average daily 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 during the quarter, compared to analysts' expectations of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.29%.

Peapack-Gladstone Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.20 annualized dividend and a yield of 0.76%. Peapack-Gladstone Financial's dividend payout ratio (DPR) is 10.93%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PGC. Raymond James Financial began coverage on shares of Peapack-Gladstone Financial in a research report on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 price target for the company. 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 lowered their price target on shares of Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating for the company in a research report on Wednesday.

Insider Activity at Peapack-Gladstone Financial

In other news, CEO Douglas L. Kennedy acquired 3,720 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Wednesday, July 23rd. The stock was purchased at an average price of $26.24 per share, for a total transaction of $97,612.80. Following the purchase, the chief executive officer directly owned 39,129 shares in the company, valued at $1,026,744.96. The trade was a 10.51% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 7.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PGC. Aquatic Capital Management LLC acquired a new position in Peapack-Gladstone Financial during the 4th quarter valued at approximately $32,000. KLP Kapitalforvaltning AS purchased a new stake in Peapack-Gladstone Financial during the fourth quarter worth $112,000. Quantbot Technologies LP boosted its holdings in Peapack-Gladstone Financial by 507.2% during the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider's stock worth $189,000 after buying an additional 4,930 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Peapack-Gladstone Financial during the fourth quarter worth $201,000. Finally, Stifel Financial Corp purchased a new position in Peapack-Gladstone Financial during the fourth quarter valued at $211,000. Institutional investors own 72.75% of the company's stock.

Peapack-Gladstone Financial Trading Up 1.9%

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 firm has a market capitalization of $467.80 million, a PE ratio of 14.41 and a beta of 0.86. The company's fifty day simple moving average is $28.23 and its 200-day simple moving average is $29.31.

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.