Peapack-Gladstone Financial (NASDAQ:PGC) Issues Earnings Results, Beats Estimates By $0.06 EPS

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.06, Yahoo Finance reports. Peapack-Gladstone Financial had a return on equity of 5.91% and a net margin of 8.50%. The firm had revenue of $102.14 million for the quarter, compared to the consensus estimate of $58.24 million.

Peapack-Gladstone Financial Stock Up 7.7 %

PGC stock traded up $2.23 on Wednesday, reaching $31.20. 120,634 shares of the company traded hands, compared to its average volume of 93,642. Peapack-Gladstone Financial has a one year low of $20.30 and a one year high of $31.71. 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 market cap of $551.62 million, a P/E ratio of 16.68 and a beta of 0.99. The firm has a fifty day simple moving average of $27.43 and a 200-day simple moving average of $24.89.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 10,000 shares of the business's stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the transaction, the executive vice president now directly owns 52,155 shares in the company, valued at $1,402,447.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 7.63% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PGC. Piper Sandler raised Peapack-Gladstone Financial from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $30.00 to $35.00 in a research note on Wednesday. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $32.00 price objective (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th.

About Peapack-Gladstone Financial

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.