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

Peapack-Gladstone Financial (NASDAQ:PGC) released its earnings results on Tuesday. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42, Zacks reports. Peapack-Gladstone Financial had a return on equity of 5.94% and a net margin of 8.50%. The company had revenue of $100.79 million during the quarter, compared to analyst estimates of $56.80 million.

Peapack-Gladstone Financial Stock Up 4.2 %

Shares of PGC stock traded up $1.14 on Thursday, hitting $28.32. The company’s stock had a trading volume of 29,191 shares, compared to its average volume of 101,334. The stock has a market capitalization of $503.25 million, a price-to-earnings ratio of 12.47 and a beta of 0.99. Peapack-Gladstone Financial has a fifty-two week low of $20.30 and a fifty-two week high of $31.49. The firm’s fifty day moving average price is $22.72 and its 200-day moving average price is $23.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.99 and a quick ratio of 0.99.

Peapack-Gladstone Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.71%. The ex-dividend date is Thursday, August 8th. Peapack-Gladstone Financial’s dividend payout ratio is 9.17%.

Insiders Place Their Bets

In other Peapack-Gladstone Financial news, EVP Stuart M. Vorcheimer sold 4,608 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $24.09, for a total value of $111,006.72. Following the completion of the sale, the executive vice president now owns 2,205 shares of the company’s stock, valued at $53,118.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 7.63% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PGC. Piper Sandler lowered shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods dropped their price target on shares of Peapack-Gladstone Financial from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th.

Peapack-Gladstone Financial Company Profile

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.