Peapack-Gladstone Posts $18.9M Q3 Net Income, Up From $15.8M in Q2
PGC sits 86% above its 52-week low of $24.71.
Summary
Peapack-Gladstone reported third-quarter net income of $18.9 million, up from $15.8 million in the second quarter, when results had nearly doubled year-over-year on net interest margin expansion and loan growth. The sequential gain extends that momentum into the third quarter, with revenue up 24% to $87.5 million and earnings per share of $0.99. The stock trades near $46 against a market cap of roughly $800 million, so a quarterly profit of this size is meaningful for a bank of this scale.
At the time of this announcement, PGC was trading at $45.91 on NASDAQ in the Finance sector, with a market capitalization of approximately $813.9M. The 52-week trading range was $24.71 to $49.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.