Yahoo Finance Peapack-Gladstone Financial First Quarter 2024 Earnings: Misses Expectations
Peapack-Gladstone Financial (NASDAQ:PGC) First Quarter 2024 Results
Key Financial Results
Revenue: US$52.4m (down 13% from 1Q 2023).
Net income: US$8.63m (down 53% from 1Q 2023).
Profit margin: 17% (down from 30% in 1Q 2023). The decrease in margin was primarily driven by lower revenue.
EPS: US$0.49 (down from US$1.03 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Peapack-Gladstone Financial Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 5.4%.
Looking ahead, revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
What about risks? Every company has them, and we've spotted 2 warning signs for Peapack-Gladstone Financial you should know about.
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