Frank A. Cavallaro, senior executive vice president and chief financial officer of Peapack-Gladstone Financial Corp. (NASDAQ: PGC), reported a direct purchase of 2,889.842 shares of the company's common stock on March 31, 2026, according to a Form 4 filing submitted to the Securities and Exchange Commission.
The filing lists the purchase price at $34.95 per share, bringing the aggregate cost of the acquisition to approximately $101,000. After the transaction, Cavallaro is recorded as directly holding 14,713.842 shares of Peapack-Gladstone Financial Corp.
The insider buying took place while PGC shares were trading at $35.94, which the filing notes is near the stock's 52-week high of $35.87. The company’s shares are up 27% year-to-date. Separately, InvestingPro analysis cited in the filing indicates PGC appears on that platform’s Most Undervalued list relative to its Fair Value. The company is shown trading at a price-to-earnings ratio of 16.88 and carries a market capitalization of $626.5 million.
The disclosure also states that Cavallaro holds additional equity-linked awards, specifically Restricted Stock Units and Phantom Stock.
Alongside the insider transaction, the company disclosed several corporate financing and compensation developments:
- Peapack-Gladstone announced a $50 million preferred stock commitment from affiliates of Strategic Value Bank Partners. The arrangement comprises an initial $30 million private placement of non-cumulative perpetual convertible preferred stock and includes an option to issue up to an additional $20 million by the end of 2027.
- The preferred shares carry a 6.00% annual dividend rate and are non-callable for five years.
- The company has informed UMB Bank of its intention to redeem the full $100 million aggregate principal amount of its 3.50% fixed-to-floating rate subordinated notes due December 22, 2030. Peapack-Gladstone stated that it will remain well-capitalized following the planned redemption.
- Peapack-Gladstone has also entered into special executive retention performance restricted stock unit agreements with two senior executives, Douglas Kennedy and John Babcock. Those RSUs are intended to retain the executives through December 31, 2028, and vesting is contingent on meeting specified performance goals.
- Raymond James has reiterated a Strong Buy rating on Peapack-Gladstone Financial and maintains a $39.00 price target.
The Form 4 filing and the company disclosures together provide a snapshot of recent insider activity and corporate capital and compensation plans. InvestingPro subscribers are noted to have access to eight additional tips about PGC as well as expanded financial health metrics and Fair Value analysis.
No additional dates, figures or projections beyond those disclosed in the filings and statements above were included in the company reports.