Peapack-Gladstone Financial (NASDAQ:PGC) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) released its earnings results on Tuesday. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.07, Zacks reports. Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%.

Peapack-Gladstone Financial Price Performance

Shares of NASDAQ:PGC traded up $0.13 during trading on Tuesday, hitting $45.91. 109,757 shares of the company’s stock were exchanged, compared to its average volume of 145,720. The business’s 50-day simple moving average is $44.80 and its 200 day simple moving average is $40.71. The company has a market cap of $813.89 million, a price-to-earnings ratio of 15.94 and a beta of 0.72. Peapack-Gladstone Financial has a 52-week low of $24.71 and a 52-week high of $49.14.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 6.94%.

Insider Buying and Selling

In other Peapack-Gladstone Financial news, EVP Maureen Hemhauser sold 2,297 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gregory Smith sold 1,250 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president directly owned 12,622 shares of the company’s stock, valued at approximately $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.75% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on PGC shares. Piper Sandler lifted their price target on shares of Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Raymond James Financial increased their price objective 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. Keefe, Bruyette & Woods restated a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Finally, Wall Street Zen cut shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $56.33.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.