Walter Sierotko, Executive Vice President of Provident Bank, part of Provident Financial Services Inc . (NYSE:PFS), recently sold 15,418 shares of the company's common stock. The shares were sold at an average price of $21.103, totaling approximately $325,366. Following this transaction, Sierotko holds 23,568 shares directly. Additionally, he has indirect holdings of 5,437 shares through an Employee Stock Ownership Plan (ESOP) and 14,100 shares via an Individual Retirement Account (IRA).
In other recent news, Provident Financial (LON:VANQ) Services reported net earnings of $46.4 million in its latest earnings call. The company also announced the successful completion of the Lakeland Bank core system conversion, a move that has significantly improved operational unity and customer retention. The company further declared a quarterly dividend of $0.24 per share. Looking ahead, Provident Financial Services expects improvements in margin and operational efficiency, setting a net interest margin guidance between 3.35% and 3.40% for the next year, aiming to reach approximately 3.45% by the end of 2025. The company also projects a return on average assets of approximately 1.15% and a return on tangible equity of 16% for 2025. Despite a slight increase in projected expenses, the company's leadership remains optimistic, expecting continued growth and profitability as they leverage the synergies from the merger. These are among the recent developments for Provident Financial Services.
InvestingPro Insights
The recent stock sale by Walter Sierotko comes at a time when Provident Financial Services Inc. (NYSE:PFS) is experiencing significant market momentum. According to InvestingPro data, PFS has seen a strong return of 60.14% over the last year, with the stock currently trading near its 52-week high at 96.45% of that peak.
This performance aligns with several InvestingPro Tips that highlight the company's recent success. PFS has shown significant returns over various timeframes, including a 14.81% increase in just the last week and a 39.69% gain over the past six months. These robust returns may have influenced the timing of Sierotko's stock sale.
Despite the strong stock performance, investors should note that PFS suffers from weak gross profit margins, according to an InvestingPro Tip. However, this is balanced by the company's consistent dividend payments, which have been maintained for 22 consecutive years. With a current dividend yield of 4.39%, PFS continues to attract income-focused investors.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on PFS, providing deeper insights into the company's financial health and market position.
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