Peapack-Gladstone Bank hires new managing principal By Investing.com

BEDMINSTER, NJ – Peapack-Gladstone Financial (NASDAQ:) Corporation (: PGC) and its wealth management division, Peapack Private, announced today that Kevin D. Casey has joined the company as a Managing Principal. In his new role as Head of Sales and Relationship Management, Casey will steer business development efforts and support wealth advisors in enhancing client service and satisfaction.

Casey’s appointment is part of Peapack Private’s strategy to grow its business and extend its reach. With around 25 years of experience in the financial services industry, Casey has a substantial background in leadership roles. His previous tenure at JP Morgan Chase (NYSE:) & Company in New York City as Managing Director, Head of National Sales and Business Development, involved overseeing strategy, client segmentation, and advisor recruitment.

His career also includes significant positions at TD Bank Wealth Management, Citigroup, and Morgan Stanley, indicating a well-rounded expertise in the financial sector. Casey holds a Bachelor of Arts Degree from Villanova University and completed an Executive Education program at the Wharton School of Business, University of Pennsylvania. He is equipped with numerous FINRA Series Licenses and is an Accredited Investment Fiduciary (AIF).

Peapack-Gladstone Financial Corporation, established in 1921, holds $6.4 billion in total assets and manages or administers $11.5 billion in assets as of March 31, 2024. The company, through Peapack-Gladstone Bank and Peapack Private, emphasizes a personalized approach to banking and wealth management services for individuals, families, and organizations.

This move signifies Peapack Private’s ongoing commitment to bolstering its leadership team and enhancing its offerings in wealth management services. The information regarding Kevin D. Casey’s appointment is based on a press release statement from Peapack-Gladstone Financial Corporation.

InvestingPro Insights

As Peapack-Gladstone Financial Corporation (NASDAQ: PGC) welcomes Kevin D. Casey to their leadership team, the company’s financial health and market performance remain critical for investors tracking the impact of strategic appointments. With a market capitalization of $377.83 million and a Price/Earnings (P/E) ratio of 9.75, PGC’s valuation suggests a potentially attractive entry point for value investors. The company’s P/E ratio has seen a slight adjustment in the last twelve months as of Q1 2024, standing at 9.59, indicating a consistent valuation perspective over the recent period.

InvestingPro Tips highlight that Peapack-Gladstone has maintained its dividend payments for an impressive 27 consecutive years, a testament to its commitment to shareholder returns. This consistency may appeal to income-focused investors, especially in light of the current dividend yield of 0.93%. Moreover, despite analysts predicting a dip in net income this year, they also forecast that the company will remain profitable. This suggests a resilience in PGC’s business model, which could reassure investors looking for stable earnings.

However, it is important to note that the company’s stock has experienced significant pressure over the last six months, with a price total return of -25.78%. Investors may want to consider this alongside the fact that two analysts have revised their earnings downwards for the upcoming period, and the company suffers from weak gross profit margins. For those interested in a deeper dive into Peapack-Gladstone’s financials and future outlook, InvestingPro offers additional tips and metrics. Utilizing the coupon code PRONEWS24 can secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a comprehensive set of tools and insights to inform investment decisions. With 7 additional tips listed on InvestingPro, investors have ample data to gauge the potential impact of the new Head of Sales and Relationship Management on the company’s trajectory.

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