PGC Cash-Secured Put Strategy
PGC (Peapack-Gladstone Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts. The company also provides working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, multi-family mortgages, and other forms of asset-based financing services; and residential mortgages, home equity lines of credit, and other second mortgage loans. In addition, it offers corporate and industrial (C&I) and equipment finance, commercial real estate, multifamily, residential, and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; asset and investment management services; personal trust services, including services as executor, trustee, administrator, custodian, and guardian; and other financial planning, tax preparation, and advisory services. Further, the company provides telephone and Internet banking, merchant credit card, and customer support sales services.
PGC (Peapack-Gladstone Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $736.9M, a trailing P/E of 16.67, a beta of 0.72 versus the broader market, a 52-week range of 24.42-43.83, average daily share volume of 129K, a public-listing history dating back to 1999, approximately 620 full-time employees. These structural characteristics shape how PGC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.72 places PGC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PGC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on PGC?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current PGC snapshot
As of May 15, 2026, spot at $41.52, ATM IV 49.30%, IV rank 14.31%, expected move 14.13%. The cash-secured put on PGC below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on PGC specifically: PGC IV at 49.30% is on the cheap side of its 1-year range, which means a premium-selling PGC cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.13% (roughly $5.87 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PGC expiries trade a higher absolute premium for lower per-day decay. Position sizing on PGC should anchor to the underlying notional of $41.52 per share and to the trader's directional view on PGC stock.
PGC cash-secured put setup
The PGC cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PGC near $41.52, the first option leg uses a $39.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PGC chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 PGC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $39.44 | N/A |
PGC cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
PGC cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PGC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on PGC
Cash-secured puts on PGC earn premium while a trader waits to acquire PGC stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PGC.
PGC thesis for this cash-secured put
The market-implied 1-standard-deviation range for PGC extends from approximately $35.65 on the downside to $47.39 on the upside. A PGC cash-secured put lets a trader earn premium while waiting to acquire PGC at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current PGC IV rank near 14.31% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on PGC at 49.30%. As a Financial Services name, PGC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PGC-specific events.
PGC cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. PGC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PGC alongside the broader basket even when PGC-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on PGC carry tail risk when realized volatility exceeds the implied move; review historical PGC earnings reactions and macro stress periods before sizing. Always rebuild the position from current PGC chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on PGC?
- A cash-secured put on PGC is the cash-secured put strategy applied to PGC (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With PGC stock trading near $41.52, the strikes shown on this page are snapped to the nearest listed PGC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PGC cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the PGC cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 49.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PGC cash-secured put?
- The breakeven for the PGC cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current PGC market-implied 1-standard-deviation expected move is approximately 14.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on PGC?
- Cash-secured puts on PGC earn premium while a trader waits to acquire PGC stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PGC.
- How does current PGC implied volatility affect this cash-secured put?
- PGC ATM IV is at 49.30% with IV rank near 14.31%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.