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

Peapack-Gladstone Financial (NASDAQ:PGC) released its earnings results on Friday. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.05), reports. Peapack-Gladstone Financial had a return on equity of 5.25% and a net margin of 7.62%.The company had revenue of $70.69 million during the quarter, compared to the consensus estimate of $72.38 million.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC traded up $0.22 during trading hours on Friday, hitting $25.69. The stock had a trading volume of 104,726 shares, compared to its average volume of 100,702. The stock’s fifty day simple moving average is $27.70 and its 200 day simple moving average is $27.75. Peapack-Gladstone Financial has a 1-year low of $23.96 and a 1-year high of $37.68. The firm has a market capitalization of $453.38 million, a price-to-earnings ratio of 14.04 and a beta of 0.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.96.

Peapack-Gladstone Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Thursday, November 6th will be given a $0.05 dividend. The ex-dividend date is Thursday, November 6th. This represents a $0.20 annualized dividend and a yield of 0.8%. Peapack-Gladstone Financial’s dividend payout ratio is 10.93%.

Insiders Place Their Bets

In related news, EVP Gregory Martin Smith sold 3,200 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the completion of the sale, the executive vice president owned 5,427 shares of the company’s stock, valued at $158,197.05. This represents a 37.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lisa Chalkan sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $29.65, for a total transaction of $74,125.00. Following the transaction, the executive vice president directly owned 23,602 shares in the company, valued at approximately $699,799.30. The trade was a 9.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 5,702 shares of company stock valued at $167,461 in the last quarter. 7.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several large investors have recently made changes to their positions in PGC. Royal Bank of Canada raised its holdings in shares of Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after purchasing an additional 3,070 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Peapack-Gladstone Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock worth $282,000 after buying an additional 390 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Peapack-Gladstone Financial by 8.5% in the first quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock valued at $1,575,000 after buying an additional 4,329 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Peapack-Gladstone Financial by 119.7% in the first quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock valued at $1,482,000 after buying an additional 28,428 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Peapack-Gladstone Financial by 13.9% during the 2nd quarter. Legal & General Group Plc now owns 15,898 shares of the financial services provider’s stock valued at $449,000 after acquiring an additional 1,945 shares during the last quarter. Institutional investors own 72.75% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods lowered their price objective on Peapack-Gladstone Financial from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, July 23rd. Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. Wall Street Zen upgraded Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.