Peapack-Gladstone Financial (NASDAQ:PGC) Issues Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) announced its earnings results on Tuesday. The financial services provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07, Zacks reports. The business had revenue of $88.50 million during the quarter, compared to analysts’ expectations of $90.13 million.

Peapack-Gladstone Financial Stock Down 1.2%

Shares of PGC traded down $0.53 during mid-day trading on Wednesday, hitting $45.25. The company’s stock had a trading volume of 5,262 shares, compared to its average volume of 145,756. Peapack-Gladstone Financial has a 1-year low of $24.71 and a 1-year high of $49.14. The firm has a 50-day simple moving average of $44.77 and a 200 day simple moving average of $40.89.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, August 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%.

Insiders Place Their Bets

In other news, EVP Gregory Smith sold 1,250 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $44.66, for a total transaction of $55,825.00. Following the sale, the executive vice president owned 12,622 shares in the company, valued at $563,698.52. This trade represents a 9.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Maureen Hemhauser sold 2,297 shares of Peapack-Gladstone Financial stock in a transaction on Monday, September 21st. The shares were sold at an average price of $45.32, for a total transaction of $104,100.04. The SEC filing for this sale provides additional information. 5.75% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on PGC shares. Keefe, Bruyette & Woods restated a “moderate buy” rating and set a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Raymond James Financial upped their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Zacks Research cut shares of Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Piper Sandler boosted their target price on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised Peapack-Gladstone Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $56.33.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the holding company for Peapack-Gladstone Bank, a full-service financial institution headquartered in Bedminster, New Jersey. The bank provides commercial, private and personal banking services to businesses, professionals, individuals and families.

Its banking activities include commercial and residential lending, deposits, cash-management services, treasury management, online and mobile banking, and other traditional banking products. Through its wealth-management operations, the company also provides investment management, trust and fiduciary services, financial planning and related advisory solutions.

Founded in 1921, Peapack-Gladstone Bank primarily serves clients in New Jersey and the broader New York metropolitan region, with a focus on privately held businesses, commercial real estate borrowers, high-net-worth individuals and nonprofit organizations.