Peapack-Gladstone Financial (NASDAQ:PGC) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Peapack-Gladstone Financial (NASDAQ:PGC) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.14, FiscalAI reports. Peapack-Gladstone Financial had a net margin of 8.40% and a return on equity of 5.85%. The company had revenue of $82.49 million during the quarter, compared to analyst estimates of $79.17 million.

Peapack-Gladstone Financial Stock Down 1.4%

PGC traded down $0.58 during midday trading on Friday, hitting $39.48. 15,105 shares of the company’s stock traded hands, compared to its average volume of 128,405. The company has a market cap of $693.58 million, a PE ratio of 18.65 and a beta of 0.63. The stock’s fifty day simple moving average is $35.49 and its 200-day simple moving average is $30.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. Peapack-Gladstone Financial has a one year low of $24.42 and a one year high of $40.40.

Peapack-Gladstone Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Thursday, May 7th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, May 7th. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is presently 9.48%.

Insiders Place Their Bets

In related news, EVP Maureen Hemhauser sold 5,272 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $35.59, for a total transaction of $187,630.48. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.75% of the company’s stock.

Hedge Funds Weigh In On Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGC. Wellington Management Group LLP raised its position in Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after acquiring an additional 456,828 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Peapack-Gladstone Financial by 255.0% in the fourth quarter. Russell Investments Group Ltd. now owns 108,782 shares of the financial services provider’s stock valued at $3,030,000 after purchasing an additional 78,135 shares during the period. Millennium Management LLC raised its position in shares of Peapack-Gladstone Financial by 100.8% in the fourth quarter. Millennium Management LLC now owns 143,306 shares of the financial services provider’s stock valued at $3,991,000 after purchasing an additional 71,932 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter valued at approximately $1,965,000. Finally, Walleye Capital LLC raised its position in shares of Peapack-Gladstone Financial by 525.8% in the fourth quarter. Walleye Capital LLC now owns 71,628 shares of the financial services provider’s stock valued at $1,995,000 after purchasing an additional 60,183 shares during the period. Institutional investors own 72.75% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PGC. Keefe, Bruyette & Woods raised their price objective on shares of Peapack-Gladstone Financial from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Peapack-Gladstone Financial in a report on Thursday, January 22nd. Finally, Piper Sandler raised their target price on shares of Peapack-Gladstone Financial from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Peapack-Gladstone Financial has an average rating of “Moderate Buy” and a consensus price target of $40.50.

About Peapack-Gladstone Financial

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.