Peapack-Gladstone Financial (NASDAQ:PGC) Issues Quarterly Earnings Results

Peapack-Gladstone Financial (NASDAQ:PGC) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04, FiscalAI reports. The company had revenue of $77.67 million for the quarter, compared to analysts’ expectations of $73.69 million. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.91%.

Peapack-Gladstone Financial Trading Up 2.6%

Shares of PGC opened at $34.10 on Thursday. The firm has a market capitalization of $598.80 million, a price-to-earnings ratio of 16.16 and a beta of 0.73. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. Peapack-Gladstone Financial has a 1-year low of $23.96 and a 1-year high of $35.68. The company has a 50-day moving average of $30.86 and a 200 day moving average of $28.69.

Peapack-Gladstone Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, February 12th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, February 12th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is currently 9.48%.

Analyst Ratings Changes

A number of brokerages have issued reports on PGC. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price target on Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Finally, Piper Sandler raised their price target on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Activity at Peapack-Gladstone Financial

In other news, EVP Maureen Hemhauser sold 5,272 shares of Peapack-Gladstone Financial stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.63% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors and hedge funds have recently bought and sold shares of PGC. Aquatic Capital Management LLC lifted its holdings in shares of Peapack-Gladstone Financial by 23.1% in the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $206,000. Balyasny Asset Management L.P. purchased a new stake in Peapack-Gladstone Financial in the fourth quarter worth about $213,000. Martingale Asset Management L P bought a new position in Peapack-Gladstone Financial during the 4th quarter worth about $237,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 valued at $282,000 after purchasing an additional 390 shares during the period. 72.75% of the stock is owned by institutional investors.

About Peapack-Gladstone Financial

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.