Christy James A., the Executive Vice President and Chief Risk Officer of Provident Bank, recently sold a portion of her holdings in Provident Financial Services Inc . (NYSE:PFS), a financial institution with a market capitalization of $2.66 billion. According to a Form 4 filing with the Securities and Exchange Commission, James sold 3,500 shares of common stock on December 11, 2024, at a price of $20.88 per share. This transaction totaled approximately $73,080. The stock, which currently trades near $20.43, has shown remarkable strength with a 54.61% gain over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
Following this sale, James retains direct ownership of 34,254 shares. Additionally, she holds 487 shares through a 401(k) plan and 22,871 shares through an Employee Stock Ownership Plan (ESOP). The transactions involving the 401(k) and ESOP are not required to be reported under Section 16 of the Securities Exchange Act of 1934. Notably, PFS offers a robust 4.67% dividend yield and has maintained dividend payments for 22 consecutive years. For more detailed insights and additional ProTips about PFS, including its financial health metrics and growth potential, visit InvestingPro.
In other recent news, Provident Financial (LON:VANQ) Services reported significant financial performance in its recent earnings call, disclosing net earnings of $46.4 million, or $0.36 per share. The company also announced the successful completion of the Lakeland Bank core system conversion, a development that has bolstered operational unity and customer retention. CEO Tony Labozzetta further unveiled a quarterly dividend of $0.24 per share.
Looking forward, Provident Financial Services anticipates improvements in margin and operational efficiency, with a net interest margin guidance set between 3.35% and 3.40% for the upcoming year, aiming to reach approximately 3.45% by the end of 2025. The company also projects an increase in noninterest expenses to approximately $110 million for Q4 2024.
In addition to these developments, Provident Financial Services has seen a surge in its loan pipeline, valued at $2 billion, indicating a positive shift in loan demand post-merger. The company also expects potential revenue synergies from the merger, particularly in insurance and wealth management. These are recent developments that have positioned Provident Financial Services for continued growth and profitability.
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