Form 4: Provident Financial Services EVP Valerie Murray Reports Stock Transactions
SEC Form 4
Valerie Murray, EVP & Chief Wealth Management Officer of Provident Financial Services, reports acquisition and disposal of common stock due to tax withholding and a restricted stock grant.
Summary
- Valerie Murray, EVP & Chief Wealth Management Officer at Provident Financial Services Inc., filed a Form 4 detailing changes in beneficial ownership.
- On March 3, 2025, 398 shares of common stock were disposed of at $18.21 per share.
- Also on March 3, 2025, 3,359 shares of common stock were acquired at $0 per share due to a grant of time-vesting restricted stock.
- On March 4, 2025, 562 shares of common stock were disposed of at $17.76 per share.
- Following these transactions, Murray directly owns 74,111 shares of common stock.
- Murray also indirectly owns 18,475 shares through a 401(k), 9,807 shares through an ESOP, and 500 shares through an IRA.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine transactions related to stock-based compensation and tax obligations.
Positives
- The grant of 3,359 shares of restricted stock indicates a continued investment in Murray's role within the company.
- The vesting schedule of the restricted stock (33.3% per year over three years) incentivizes long-term commitment.
Future Outlook
The document does not contain explicit forward-looking statements, but the vesting schedule of the restricted stock suggests an expectation of continued service from the reporting person.
Industry Context
Form 4 filings are routine disclosures for corporate insiders and provide transparency into their trading activities. This filing indicates standard compensation practices and tax-related stock disposals.
Comparison to Industry Standards
- Stock grants and vesting schedules are common compensation practices in the financial services industry.
- Comparing the size of the grant and vesting terms to those of executives at peer institutions like People's United Financial or M&T Bank would provide further context.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, employees, customers, suppliers, and creditors as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/03/2025 | Disposal of 398 shares of common stock at $18.21 per share and acquisition of 3,359 shares of restricted stock. |
| 03/04/2025 | Disposal of 562 shares of common stock at $17.76 per share. |
| 03/05/2025 | Date of signature for the Form 4 filing. |
| March 3, 2028 | End date of the vesting period for the restricted stock. |
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