Peapack-Gladstone Finl Corp Stock Price, News & Analysis

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported a 2020 net income of $26.19 million and diluted EPS of $1.37, both down significantly from 2019's $47.43 million and $2.44, respectively. The decline was primarily due to a $32.40 million provision for loan losses amid the COVID-19 pandemic. Despite increased net interest income from the Paycheck Protection Program and wealth management income, operating expenses rose by 19%. The company has authorized a buyback of 948,735 shares, aiming to manage excess capital and enhance shareholder value.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) declared a quarterly cash dividend of $0.05 per share on January 28, 2021. This dividend will be paid on February 26, 2021 to shareholders on record as of February 11, 2021. The company, with total assets of $6.0 billion and AUM/AUA of $7.6 billion, offers a range of financial services including innovative wealth management and commercial banking solutions.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced the promotion of Gregory M. Smith to President of Commercial Banking and Stuart Vorcheimer to Market President and Head of Commercial and Industrial (C&I) Lending at Peapack-Gladstone Bank. Smith's responsibilities include leading the bank's commercial banking operations, while Vorcheimer will oversee C&I lending. Both leaders bring extensive experience from Capital One Bank, contributing to the bank’s aim to enhance client service and expand its commercial offering, which is critical for future growth.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has appointed Maureen O’Hara as the Senior Managing Director, Commercial Private Banker for Commercial & Industrial (C&I) at Peapack-Gladstone Bank. Based in Teaneck, she will enhance the bank's commercial portfolio and deliver tailored solutions. O’Hara brings extensive experience from her role at Wells Fargo, where she managed upper-end business banking relationships. With total assets of $6.0 billion and wealth management assets of $7.6 billion, Peapack-Gladstone is committed to innovative financial services for businesses and consumers.

Peapack-Gladstone Financial Corporation (PGC) has completed a private placement of $100 million in fixed-to-floating subordinated notes due 2030. The notes, which will initially carry a 3.50% interest rate for five years, qualify as Tier 2 capital. Proceeds will be used for general corporate purposes, including potential debt redemption and acquisitions. Investment grade ratings from Kroll and Moody’s were received, reflecting organizational strength. The deal is positioned to enhance growth initiatives without diluting existing shareholders.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the addition of Scott P. Noyes and Leigh Anderson from Noyes Capital Management to its wealth management team. This strategic move aims to enhance client service and support business growth. Scott Noyes, with over 30 years in the finance sector, is a CFA® and CFP® with experience managing high-net-worth clients. Leigh Anderson brings over 20 years of expertise in financial services. The company has total assets of $6 billion and assets under management of $7.6 billion as of September 30, 2020.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the addition of Ralf Sellig and Rob Vogel along with their team from Lucas Capital Management to its wealth management division, Peapack Private. This move aims to enhance presence in the growing Monmouth County market. Both Sellig and Vogel bring extensive financial expertise and experience, enhancing the capabilities of Peapack Private. The company reports total assets of $6.0 billion and $7.6 billion in assets under management as of September 30, 2020, further reinforcing its commitment to client service.

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces that Kim Waldron, Senior Managing Director of the Platinum Service Team, has graduated from the NJBankers Emerging Leaders Program. This nine-month program aims to develop leadership skills among future banking leaders. Waldron expressed gratitude for the support received during the program, citing valuable mentoring that equipped her for future leadership roles. Peapack-Gladstone Bank emphasizes employee development and has previously produced other graduates from this program. The corporation has total assets of $6.0 billion and wealth management assets of $7.6 billion.