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

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.42 EPS for the quarter, hitting 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 firm had revenue of $100.79 million during the quarter, compared to analyst estimates of $56.80 million.

Peapack-Gladstone Financial Price Performance

Peapack-Gladstone Financial stock traded up $1.01 during midday trading on Thursday, hitting $28.19. 22,851 shares of the company’s stock were exchanged, compared to its average volume of 101,289. The stock has a 50-day moving average price of $22.72 and a two-hundred day moving average price of $23.96. Peapack-Gladstone Financial has a 52-week low of $20.30 and a 52-week high of $31.49. The company has a market cap of $500.94 million, a P/E ratio of 12.47 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 0.99.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.05 per share. 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%.

Insider Buying and Selling at Peapack-Gladstone Financial

In related news, EVP Stuart M. Vorcheimer sold 4,608 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $24.09, for a total value of $111,006.72. Following the transaction, the executive vice president now directly owns 2,205 shares in the company, valued at $53,118.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 7.63% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PGC. Keefe, Bruyette & Woods cut their target price on Peapack-Gladstone Financial from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Piper Sandler lowered shares of Peapack-Gladstone Financial from an “overweight” rating to a “neutral” rating in a research report on Wednesday, April 24th.

About Peapack-Gladstone Financial

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.