Form 4: Provident Financial Services EVP Carolyn Powell Reports Stock Transactions
SEC Form 4 Filing
Carolyn Powell, EVP & CHRO of Provident Bank, reports the acquisition and disposal of Provident Financial Services Inc. common stock.
Summary
- Carolyn Powell, EVP & CHRO of Provident Bank, reported transactions involving Provident Financial Services Inc. common stock.
- On March 3, 2025, Powell disposed of 236 shares at $18.21 and acquired 3,130 shares at $0.
- On March 4, 2025, Powell disposed of 389 shares at $17.76.
- Following these transactions, Powell directly owns 35,028 shares and indirectly owns 1,657 shares through an ESOP.
- The 3,130 shares acquired on March 3, 2025, represent a grant of time-vesting restricted stock that vests at a rate of 33.3% per year over a period ending March 3, 2028.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Positives
- The acquisition of 3,130 shares of restricted stock indicates a long-term incentive for the executive.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock grants as a way to align management's interests with those of shareholders.
- Vesting schedules, such as the 33.3% per year over three years, are common in the industry to incentivize long-term performance.
- Comparing the size of the grant to those of executives at peer banks (e.g., M&T Bank, KeyCorp, or Fifth Third Bancorp) would provide context on the magnitude of the award.
Stakeholder Impact
- The transactions may be of interest to shareholders as they provide insight into the executive's holdings and trading activity.
Key Dates
| Date | Description |
|---|---|
| 03/03/2025 | Disposal of 236 shares and acquisition of 3,130 shares of common stock. |
| 03/04/2025 | Disposal of 389 shares of common stock. |
| 03/03/2028 | End of the vesting period for the restricted stock grant. |
| 03/05/2025 | Date of signature for the report. |
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