Peapack-Gladstone Financial (NASDAQ:PGC) Announces Earnings Results

Peapack-Gladstone Financial (NASDAQ:PGC) announced its quarterly earnings data on Thursday. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04, FiscalAI reports. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%.The business had revenue of $77.67 million during the quarter, compared to analysts’ expectations of $73.69 million.

Peapack-Gladstone Financial Stock Up 3.1%

Shares of NASDAQ PGC traded up $0.91 during mid-day trading on Thursday, reaching $30.14. The company had a trading volume of 68,285 shares, compared to its average volume of 99,521. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a 50 day simple moving average of $28.47 and a two-hundred day simple moving average of $27.72. The stock has a market cap of $529.26 million, a P/E ratio of 15.54 and a beta of 0.72. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $35.41.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PGC. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Piper Sandler raised their price objective on shares of Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Finally, Zacks Research raised shares of Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $35.33.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds have recently made changes to their positions in the company. Aquatic Capital Management LLC increased its position in shares of Peapack-Gladstone Financial by 23.1% during the third quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 985 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Peapack-Gladstone Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after buying an additional 390 shares during the last quarter. Royal Bank of Canada grew its stake in Peapack-Gladstone Financial by 40.4% during the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after buying an additional 3,070 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Peapack-Gladstone Financial during the second quarter worth approximately $309,000. Finally, Occudo Quantitative Strategies LP lifted its stake in Peapack-Gladstone Financial by 29.8% in the third quarter. Occudo Quantitative Strategies LP now owns 11,247 shares of the financial services provider’s stock valued at $310,000 after buying an additional 2,585 shares during the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Peapack-Gladstone Financial Company Profile

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.