Peapack-Gladstone Q2 revenue beats estimates on higher net interest income

The company issued $20 million in convertible preferred stock to support growth and capital.

It did not provide specific guidance for the current quarter or full year.

The current average analyst rating on the shares is buy, with 4 strong buy or buy recommendations, no hold ratings and no sell or strong sell ratings.

The median 12-month price target for Peapack-Gladstone Financial Corp is $51.50, about 11% above its July 24 closing price of $46.38. The stock recently traded at 11 times expected next-12-month earnings, versus 9 times three months ago.

Peapack-Gladstone Financial Corp's second-quarter revenue rose 23% year over year, beating analyst expectations, while earnings per share missed estimates.

• Q2 revenue: $86.1 million vs. consensus