Peapack-Gladstone Financial (NASDAQ:PGC) Releases Earnings Results, Beats Expectations By $0.04 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings results on Thursday. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04, FiscalAI reports. Peapack-Gladstone Financial had a net margin of 7.91% and a return on equity of 5.51%. The firm had revenue of $77.67 million for the quarter, compared to the consensus estimate of $73.69 million.

Peapack-Gladstone Financial Trading Up 3.1%

Shares of NASDAQ PGC traded up $0.91 during mid-day trading on Thursday, reaching $30.14. 68,285 shares of the company’s stock were exchanged, compared to its average volume of 99,521. The company’s 50-day moving average is $28.47 and its 200-day moving average is $27.72. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market capitalization of $529.26 million, a price-to-earnings ratio of 15.54 and a beta of 0.72. Peapack-Gladstone Financial has a 52-week low of $23.96 and a 52-week high of $35.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Piper Sandler increased their price target on Peapack-Gladstone Financial from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Peapack-Gladstone Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Institutional investors have recently made changes to their positions in the stock. Aquatic Capital Management LLC increased its stake in Peapack-Gladstone Financial by 23.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 5,240 shares of the financial services provider’s stock worth $145,000 after buying an additional 985 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 acquiring an additional 390 shares in the last quarter. Royal Bank of Canada increased its position in shares of Peapack-Gladstone Financial by 40.4% during the first quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider’s stock worth $302,000 after acquiring an additional 3,070 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at $309,000. Finally, Occudo Quantitative Strategies LP boosted its holdings in Peapack-Gladstone Financial by 29.8% in the third quarter. Occudo Quantitative Strategies LP now owns 11,247 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 2,585 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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.