Douglas L. Kennedy, who serves as President and Chief Executive Officer of Peapack Gladstone Financial Corp (NASDAQ: PGC), acquired 11,296 shares of the company's common stock on March 30, 2026. The purchase price was $35.21 per share, bringing the aggregate transaction value to $397,732.
According to a Form 4 filed with the Securities and Exchange Commission, the trade increased Kennedy's overall position in Peapack Gladstone. After the purchase, Kennedy directly holds 42,737.749 shares of common stock. In addition to those direct holdings, the filing reports indirect ownership of 241,925.774 shares through a Rabbi Trust, 18,621 shares held via a 401(k) plan, and 10,893.3410 shares through an Employee Stock Purchase Plan.
The filing also notes that Kennedy retains several forms of contingent equity awards. These include multiple tranches of Restricted Stock Units and Phantom Stock that convert to common shares under varying vesting timetables and performance conditions. Separately, Kennedy was granted 50,000 Performance Rights on February 11, 2026; those rights vest only if Peapack Gladstone common stock reaches a specified per-share price level.
Corporate financing and capital structure moves
In other disclosures, Peapack-Gladstone Financial Corporation announced a preferred stock commitment totaling $50 million from affiliates of Strategic Value Bank Partners. The arrangement consists of an initial private placement of $30 million of non-cumulative perpetual convertible preferred stock, with an option to issue up to an additional $20 million through the end of 2027. The preferred shares carry a 6.00% annual dividend rate and are non-callable for five years.
The company also reported plans to redeem $100 million in subordinated notes. The redemption price is set at 100% of the principal amount plus any accrued and unpaid interest. Peapack-Gladstone stated it will remain well-capitalized following the redemption.
Executive retention and performance incentives
Peapack-Gladstone has entered into performance-based restricted stock unit agreements with two senior executives, Douglas Kennedy and John Babcock, designed to encourage their retention through 2028. Those RSUs are tied to achieving specified company performance goals, and vesting is contingent upon meeting the stated targets.
Analyst commentary
Raymond James reiterated a Strong Buy rating on Peapack-Gladstone stock and set a price target of $39.00, calling attention to the bank's recent $50 million preferred stock commitment as a positive development.
Additional services referenced
The filing text notes that InvestingPro offers five additional exclusive tips about PGC's financial health and growth prospects. The article also references ProPicks AI, which evaluates stocks using more than 100 financial metrics and claims to identify investment ideas; the original text cites past winners including Super Micro Computer (+185%) and AppLovin (+157%).
What the filing shows
The SEC Form 4 documents Kennedy's purchase and provides the detailed breakdown of his direct and indirect shareholdings, along with the outstanding equity awards and the February 11, 2026 grant of 50,000 Performance Rights that vest upon attainment of a specified share price. Corporate actions described in the disclosure include the preferred stock commitment, the subordinated notes redemption plan, and RSU agreements tied to multi-year retention and performance objectives.
Readers should note the filing details the mechanics of ownership and incentive structures but does not provide the specific price threshold for the 50,000 Performance Rights or the precise performance targets for the RSUs beyond indicating that vesting is linked to stated company performance criteria and retention through 2028.