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Douglas L. Kennedy, the President and CEO of Peapack Gladstone Financial Corp (NASDAQ:PGC), recently sold 5,000 shares of the company’s common stock. The shares were sold at an average price of $28.7944, resulting in a total transaction value of approximately $143,972. The $507 million market cap financial institution, currently trading at $29.06, appears slightly undervalued according to InvestingPro analysis, with shares trading at an attractive 0.84 times book value.
This transaction was part of a Rule 10b-5 trading plan dated November 22, 2024. Following the sale, Kennedy retains direct ownership of 40,408.749 shares. Additionally, Kennedy has indirect holdings in various forms, including 207,136 shares held through a rabbi trust and 18,493 shares in a 401(k) plan. The company has maintained dividend payments for 28 consecutive years, demonstrating strong financial stability. InvestingPro subscribers can access additional insights and metrics about PGC’s financial health and valuation.
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