Peapack-Gladstone Financial (NASDAQ:PGC) Announces Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.08), Zacks reports. Peapack-Gladstone Financial had a net margin of 8.11% and a return on equity of 5.57%. The company had revenue of $64.36 million for the quarter, compared to analyst estimates of $64.07 million.

Peapack-Gladstone Financial Price Performance

Shares of PGC stock traded down $0.27 during trading hours on Friday, reaching $27.39. The company's stock had a trading volume of 14,329 shares, compared to its average volume of 100,359. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Peapack-Gladstone Financial has a fifty-two week low of $20.30 and a fifty-two week high of $37.88. The company has a market capitalization of $481.95 million, a price-to-earnings ratio of 14.77 and a beta of 0.82. The firm's 50 day simple moving average is $28.77 and its 200-day simple moving average is $31.69.

Peapack-Gladstone Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, May 8th. This represents a $0.20 annualized dividend and a yield of 0.73%. Peapack-Gladstone Financial's dividend payout ratio is currently 11.11%.

Insider Activity

In other news, CEO Douglas L. Kennedy sold 20,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $28.91, for a total value of $578,200.00. Following the completion of the sale, the chief executive officer now owns 43,703 shares of the company's stock, valued at approximately $1,263,453.73. This represents a 31.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John P. Babcock sold 10,000 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $28.76, for a total transaction of $287,600.00. Following the sale, the executive vice president now directly owns 39,155 shares in the company, valued at $1,126,097.80. This trade represents a 20.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,633 shares of company stock worth $1,716,024. Corporate insiders own 7.63% of the company's stock.

Wall Street Analysts Forecast Growth

PGC has been the topic of a number of research analyst reports. Raymond James assumed coverage on shares of Peapack-Gladstone Financial in a report on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 target price on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an "outperform" rating on the stock in a research report on Thursday.

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.