Peapack-Gladstone Financial (NASDAQ:PGC) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.14, FiscalAI reports. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. The company had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million.

Peapack-Gladstone Financial Stock Performance

Shares of PGC stock traded up $0.30 during trading hours on Wednesday, hitting $39.32. 102,572 shares of the company were exchanged, compared to its average volume of 130,583. The firm has a fifty day simple moving average of $35.26 and a 200 day simple moving average of $30.72. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. Peapack-Gladstone Financial has a 52-week low of $24.42 and a 52-week high of $40.40. The stock has a market capitalization of $690.85 million, a price-to-earnings ratio of 18.64 and a beta of 0.63.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PGC shares. Weiss Ratings restated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Thursday, January 22nd. Piper Sandler raised their price target on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Insiders Place Their Bets

In related 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 value of $187,630.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC purchased a new position in Peapack-Gladstone Financial in the 4th quarter valued at approximately $242,000. Mendon Capital Advisors Corp boosted its holdings in Peapack-Gladstone Financial by 63.4% in the 4th quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider’s stock valued at $1,105,000 after purchasing an additional 15,400 shares during the period. Empowered Funds LLC boosted its holdings in Peapack-Gladstone Financial by 4.5% in the 4th quarter. Empowered Funds LLC now owns 68,759 shares of the financial services provider’s stock valued at $1,915,000 after purchasing an additional 2,988 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth $283,000. Finally, Polymer Capital Management US LLC bought a new stake in shares of Peapack-Gladstone Financial during the 4th quarter worth $390,000. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.