Peapack-Gladstone Q3 revenue rises on higher net interest income
Overview
New Jersey private bank's Q3 revenue grew 24% yr/yr but missed analyst expectations
Q3 EPS rose to $0.99 YoY from $0.54
Company completed $20 mln convertible preferred stock issuance to support growth
Outlook
Company says it enters Q4 with strong loan and deposit pipelines
Company to focus on productivity, pricing, expense discipline and credit quality in Q4
Company expects continued relationship-based balance sheet growth while maintaining capital levels
Result Drivers
NET INTEREST INCOME - Co said revenue growth was mainly driven by higher net interest income and improved earning-asset yields
EXPENSE DISCIPLINE - Co said expense discipline contributed to positive operating leverage and profitability
LOAN AND DEPOSIT GROWTH - Co attributed loan and deposit growth to investments in new teams and expanded geographic presence
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $87.50 mln | $89.22 mln (3 Analysts) |
Q3 EPS | $0.99 | ||
Q3 Net Income | $18.50 mln | ||
Q3 Net Interest Income | $67.50 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Peapack-Gladstone Financial Corp is $55.50, about 21.2% above its October 26 closing price of $45.78
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago
Reuters Recommended Reads
Oct 27 - Seacoast Banking Q3 revenue up 37% but slightly misses estimates
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Oct 27 - Banc of California Q3 EPS rises on higher net interest income
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)