Peapack-Gladstone Q2 Revenue Beats, EPS Misses; $20M Preferred Stock Issued
PGC sits 88% above its 52-week low of $24.415.
Summary
Peapack-Gladstone reported Q2 revenue of $86.1M, beating the $84.48M consensus, driven by a 23% YoY increase and higher net interest income of $63.9M. EPS of $0.85 missed estimates by $0.02, while net income reached $15.8M. The company also issued $20M in convertible preferred stock to support growth and capital. This follows a strong Q1 where net income rose 86% on robust net interest income and margin expansion. The revenue beat and capital raise signal continued momentum, though the slight EPS miss and lack of guidance may temper enthusiasm. The stock trades at 11x forward earnings, up from 9x three months ago, with a median analyst target of $51.50.
At the time of this announcement, PGC was trading at $45.91 on NASDAQ in the Finance sector, with a market capitalization of approximately $833.5M. The 52-week trading range was $24.42 to $49.14. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.