Peapack-Gladstone Financial (NASDAQ:PGC) Shares Down 5.4% After Earnings Miss

Peapack-Gladstone Financial Corporation (NASDAQ:PGC)’s share price fell 5.4% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $27.76 and last traded at $28.26. 11,260 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 89,508 shares. The stock had previously closed at $29.87.

The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.16). The company had revenue of $69.74 million during the quarter, compared to analyst estimates of $69.77 million. Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.29%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PGC shares. Wall Street Zen upgraded shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a research report on Saturday, June 7th. Keefe, Bruyette & Woods dropped their target price on shares of Peapack-Gladstone Financial from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Finally, Raymond James Financial started coverage on shares of Peapack-Gladstone Financial in a research report on Friday, April 11th. They issued a “strong-buy” rating and a $39.00 price objective for the company.

Institutional Investors Weigh In On Peapack-Gladstone Financial

A number of institutional investors and hedge funds have recently bought and sold shares of PGC. Aquatic Capital Management LLC acquired a new position in shares of Peapack-Gladstone Financial in the 4th quarter valued at about $32,000. KLP Kapitalforvaltning AS bought a new position in Peapack-Gladstone Financial in the fourth quarter worth $112,000. Quantbot Technologies LP lifted its holdings in shares of Peapack-Gladstone Financial by 507.2% during the fourth quarter. Quantbot Technologies LP now owns 5,902 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 4,930 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $201,000. Finally, Stifel Financial Corp bought a new position in shares of Peapack-Gladstone Financial in the fourth quarter valued at about $211,000. 72.75% of the stock is owned by institutional investors and hedge funds.

Peapack-Gladstone Financial Stock Performance

The stock has a 50-day moving average of $28.38 and a 200 day moving average of $29.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a market capitalization of $483.77 million, a price-to-earnings ratio of 14.90 and a beta of 0.86.

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.