Peapack-Gladstone Financial (NASDAQ:PGC) Sets New 52-Week High on Better-Than-Expected Earnings

Peapack-Gladstone Financial Co. (NASDAQ:PGC) shares reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $30.79 and last traded at $30.28, with a volume of 7798 shares traded. The stock had previously closed at $28.97.

The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.60% and a net margin of 8.12%. The company had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 7th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Thursday, November 7th. Peapack-Gladstone Financial’s dividend payout ratio is currently 11.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Piper Sandler raised Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $30.00 to $35.00 in a report on Wednesday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Insider Buying and Selling at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP John P. Babcock sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the sale, the executive vice president now owns 52,155 shares of the company’s stock, valued at approximately $1,402,447.95. This represents a 0.00 % 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. 7.63% of the stock is owned by corporate insiders.

Institutional Trading of Peapack-Gladstone Financial

Several large investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Peapack-Gladstone Financial by 68.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 1,350 shares in the last quarter. Denali Advisors LLC purchased a new stake in shares of Peapack-Gladstone Financial in the first quarter valued at $204,000. BNP Paribas Financial Markets lifted its position in shares of Peapack-Gladstone Financial by 90.4% in the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 3,987 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at $209,000. Finally, Sei Investments Co. purchased a new stake in shares of Peapack-Gladstone Financial in the second quarter valued at $214,000. Institutional investors and hedge funds own 72.75% of the company’s stock.

Peapack-Gladstone Financial Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50-day moving average price of $27.67 and a 200-day moving average price of $24.98. The firm has a market capitalization of $561.34 million, a PE ratio of 17.54 and a beta of 0.99.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.