Shares of Peapack Gladstone (PGC), a financial services company, surged by 5.72% on Tuesday, October 23, 2024, driven by robust quarterly earnings and a positive analyst rating.
Peapack-Gladstone Financial Corp reported better-than-expected earnings for the third quarter ended September 30, 2024. The company posted an adjusted earnings per share (EPS) of $0.43, surpassing analysts' consensus estimate of $0.37. Revenue also rose by 1.3% year-over-year to $56.62 million, exceeding Wall Street's expectations of $55.85 million.
The strong financial performance, coupled with a "Buy" rating from Janney Montgomery, boosted investor confidence in Peapack Gladstone. The positive outlook from the reputable research firm likely contributed to the upward momentum in the stock price.
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