Form 4: Provident Financial Services EVP Walter Sierotko Reports Changes in Beneficial Ownership
SEC Form 4
Walter Sierotko, EVP/CLO of Provident Bank, reports transactions involving Provident Financial Services Inc. common stock, including acquisitions and disposals, affecting his beneficial ownership.
Summary
- Walter Sierotko, EVP/CLO of Provident Bank, filed a Form 4 detailing changes in his beneficial ownership of Provident Financial Services Inc. common stock.
- On March 2, 2024, 253 shares were disposed of at a price of $14.83.
- On March 3, 2024, 544 shares were disposed of at a price of $14.83.
- On March 3, 2024, 11,864 shares were acquired at a price of $0 related to performance-vesting stock awards.
- On March 3, 2024, 3,720 shares were disposed of at a price of $14.83.
- On March 4, 2024, 4,110 shares were acquired at a price of $0 related to time-vesting restricted stock.
- The report also indicates indirect ownership through an ESOP and an IRA.
- Following these transactions, Sierotko directly owns 38,986 shares and indirectly owns 4,638 shares through an ESOP and 14,100 shares through an IRA.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing (Form 4) detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about changes in beneficial ownership.
Positives
- The acquisition of 11,864 shares on March 3, 2024, indicates the vesting of performance-based stock awards, suggesting the achievement of certain performance criteria.
- The acquisition of 4,110 shares on March 4, 2024, represents the grant of time-vesting restricted stock, incentivizing long-term commitment.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders, providing transparency into their trading activities and ownership positions in their companies. This filing is specific to Provident Financial Services and doesn't provide broader industry context.
Stakeholder Impact
- Shareholders can use this information to understand the trading activity of a key executive, which may influence their perception of the company's prospects.
Key Dates
| Date | Description |
|---|---|
| 03/02/2024 | Disposal of 253 shares of common stock at $14.83. |
| 03/03/2024 | Disposal of 544 shares of common stock at $14.83; Acquisition of 11,864 shares of common stock at $0 due to performance-vesting stock awards; Disposal of 3,720 shares of common stock at $14.83. |
| 03/03/2021 | Performance-vesting stock awards granted. |
| 03/04/2024 | Acquisition of 4,110 shares of common stock at $0 due to time-vesting restricted stock. |
| 03/04/2027 | End of the vesting period for time-vesting restricted stock. |
| 03/05/2024 | Date of signature for the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.