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

Peapack-Gladstone Financial (NASDAQ:PGC) announced its quarterly earnings results on Monday. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.02), Zacks reports. Peapack-Gladstone Financial had a net margin of 9.60% and a return on equity of 6.75%.

Peapack-Gladstone Financial Trading Up 1.4%

Shares of PGC traded up $0.66 during trading hours on Monday, reaching $47.04. 232,104 shares of the company’s stock traded hands, compared to its average volume of 148,971. Peapack-Gladstone Financial has a 12 month low of $24.42 and a 12 month high of $49.14. The stock has a market cap of $833.55 million, a PE ratio of 18.97 and a beta of 0.71. The firm’s 50 day simple moving average is $45.23 and its 200-day simple moving average is $38.66.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Peapack-Gladstone Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Raymond James Financial upped their target price on shares of Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Zacks Research raised shares of Peapack-Gladstone Financial from a “hold” rating to a “strong-buy” rating in a report on Friday, June 26th. Piper Sandler increased their target price on shares of Peapack-Gladstone Financial from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Wall Street Zen downgraded shares of Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a report on Sunday. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $49.67.

Insider Buying and Selling

In related news, Director Anthony W. Spinelli sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $44.63, for a total value of $89,260.00. Following the transaction, the director directly owned 11,742 shares in the company, valued at approximately $524,045.46. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $47.60, for a total transaction of $52,360.00. Following the completion of the sale, the executive vice president directly owned 26,075 shares in the company, valued at $1,241,170. This represents a 4.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 8,100 shares of company stock worth $377,170. Insiders own 5.75% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Several institutional investors and hedge funds have recently made changes to their positions in PGC. Hsbc Holdings PLC purchased a new position in Peapack-Gladstone Financial in the fourth quarter worth $242,000. Mendon Capital Advisors Corp increased its stake in Peapack-Gladstone Financial by 63.4% in the fourth quarter. Mendon Capital Advisors Corp now owns 39,677 shares of the financial services provider’s stock valued at $1,105,000 after acquiring an additional 15,400 shares during the last quarter. Empowered Funds LLC raised its position in Peapack-Gladstone Financial by 4.5% during the fourth quarter. Empowered Funds LLC now owns 68,759 shares of the financial services provider’s stock valued at $1,915,000 after purchasing an additional 2,988 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Peapack-Gladstone Financial during the fourth quarter valued at about $283,000. Finally, Polymer Capital Management US LLC purchased a new stake in Peapack-Gladstone Financial during the fourth quarter valued at about $390,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

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.