Peapack Gladstone FI Up 3.65% To $29.52 After Earnings Beat

Friday, January 26, 2024 - Peapack Gladstone FI (PGC) reported upside earnings and downside revenues.

Peapack Gladstone FI's earnings came in at an EPS of $0.48 per share, 7.00% higher than estimates for an EPS of $0.45 per share. The firm's earnings are down 57% since reporting $1.12 per share in the same period a year ago.

Consensus analyst estimates were at $54.9 million. The Financial Services company missed on those expectations for its fourth quarter with revenue of $54.3 million, a negative revenue surprise of $649 thousand (1%). The firm managed negative 16% growth year-over-year due to Peapack Gladstone FI reporting quarterly revenue of $64.9 million in its year-ago quarter. Peapack Gladstone FI achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is up 3.65% to $29.52 after the report.

Peapack Gladstone FI's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Peapack Gladstone FI a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Peapack Gladstone Financial Corp provides banking services. It operates through two segments namely Banking, which involves the delivery of loans and deposits, and Peapack Private Division which includes asset management services. The banking segment includes commercial real estate, multifamily, residential and consumer lending, deposit generation, and internet banking services. Peapack Private includes asset management services for individuals and institutions; personal trust services, administrator, custodian and guardian, and other financial planning and advisory services.