Peapack-Gladstone Financial (NASDAQ:PGC) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings data 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 return on equity of 5.51% and a net margin of 7.91%.The firm had revenue of $77.67 million during the quarter, compared to analyst estimates of $73.69 million.

Peapack-Gladstone Financial Stock Up 3.1%

NASDAQ:PGC traded up $0.91 during mid-day trading on Thursday, hitting $30.14. 68,287 shares of the company’s stock were exchanged, compared to its average volume of 99,521. The business has a fifty day moving average price of $28.47 and a 200 day moving average price of $27.72. The company has a market cap of $529.26 million, a PE ratio of 15.54 and a beta of 0.72. Peapack-Gladstone Financial has a one year low of $23.96 and a one year high of $35.41. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in 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 valued at $302,000 after buying an additional 3,070 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 390 shares during the last quarter. Empowered Funds LLC increased its position in shares of Peapack-Gladstone Financial by 8.5% during the 1st quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider’s stock valued at $1,575,000 after purchasing an additional 4,329 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Peapack-Gladstone Financial by 119.7% in the 1st quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider’s stock worth $1,482,000 after acquiring an additional 28,428 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in 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 period. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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.