Edward J. Leppert, a director at Provident Financial Services Inc . (NYSE:PFS), has sold a significant portion of his holdings in the company. According to a recent filing, Leppert sold 69,921 shares of common stock on November 20, 2024. The shares were sold at an average price of $20.63, totaling approximately $1.44 million. Following this transaction, Leppert retains 78,245 shares directly. Additional shares are held indirectly through various accounts, including 401(k) and IRA accounts. This sale reflects a strategic financial decision by Leppert while maintaining a substantial stake in the company.
In other recent news, Provident Financial (LON:VANQ) Services reported impressive third-quarter results, with net earnings of $46.4 million or $0.36 per share. The company also announced the successful completion of the Lakeland Bank core system conversion, a move aimed at enhancing operational unity and customer retention. Furthermore, Provident Financial Services declared a quarterly dividend of $0.24 per share.
In terms of future expectations, the company anticipates margin and operational efficiency improvements, setting its net interest margin guidance between 3.35% and 3.40% for the next year, with a target of approximately 3.45% by the end of 2025. The company has also seen a significant growth in its loan pipeline, now valued at $2 billion.
Following these developments, Provident Financial Services projects a return on average assets of approximately 1.15% and a return on tangible equity of 16% for 2025. While the company reported a slight increase in projected expenses, it anticipates potential revenue synergies from the merger, particularly in insurance and wealth management. These are recent developments that investors may find noteworthy.
InvestingPro Insights
In light of Edward J. Leppert's recent stock sale, it's worth examining some key financial metrics and insights for Provident Financial Services Inc. (NYSE:PFS). According to InvestingPro data, PFS currently has a market capitalization of $2.79 billion and a P/E ratio of 21.8, suggesting a moderate valuation relative to earnings.
One notable InvestingPro Tip highlights that PFS has maintained dividend payments for 22 consecutive years, demonstrating a strong commitment to shareholder returns. This consistent dividend history may be particularly appealing to income-focused investors, especially considering the current dividend yield of 4.6%.
Another relevant InvestingPro Tip indicates that PFS has shown a strong return over the last three months. Indeed, the data reveals a 16.31% price total return over the past three months and an impressive 36.9% return over the last six months. This recent performance suggests positive market sentiment towards the stock, which could be a factor in Leppert's decision to sell a portion of his holdings.
It's worth noting that while Leppert has reduced his position, he still maintains a significant stake in the company. This aligns with the InvestingPro Tip that analysts predict the company will be profitable this year, potentially indicating confidence in PFS's future performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for PFS, providing a deeper understanding of the company's financial health and market position.
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