Form 4: Provident Financial Services EVP & CAO Reports Stock Transactions

Adriano M. Duarte, EVP & CAO of Provident Bank, reports stock acquisitions and disposals related to restricted stock vesting and tax withholding.

Summary

• Adriano M. Duarte, EVP & CAO of Provident Bank, filed a Form 4 detailing changes in beneficial ownership of Provident Financial Services Inc. stock.
• On March 3, 2025, Duarte disposed of 142 shares of common stock at $18.21 for tax withholding purposes.
• Also on March 3, 2025, Duarte acquired 2,883 shares of common stock at $0 related to a grant of time-vesting restricted stock.
• On March 4, 2025, Duarte disposed of 239 shares of common stock at $17.76 for tax withholding purposes.
• Following these transactions, Duarte directly owns 25,479 shares of common stock.
• Duarte also indirectly owns shares through a 401(k) (10,600 shares), ESOP (1,714 shares), IRA (37,258 shares), and Wife's IRA (6,372 shares).

Sentiment

Score: 6

Explanation: Neutral sentiment as the transactions are routine and related to compensation and tax obligations. There is no indication of unusual activity or concern.

Positives

• The acquisition of 2,883 shares indicates continued alignment of Duarte's interests with the company's performance.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.

Comparison to Industry Standards

• Similar filings are common across publicly traded companies, with the frequency and nature of transactions varying based on individual circumstances and company policies.
• The vesting schedule of 33.3% per year over three years is a fairly standard vesting schedule for restricted stock grants.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.

Key Dates