Notable News to Watch: Provident Financial Services (NYSE:PFS)

Provident Financial Services (NYSE:PFS) stock identified change of 11.67% away from 52-week low price and recently located move of -46.39% off 52-week high price. It has market worth of $1.18B and dividend yield of 6.22%. PFS stock has been recorded -34.36% away from 50 day moving average and -38.24% away from 200 day moving average. Moving closer, we can see that shares have been trading -28.00% off 20-day moving average.

On March 12, 2020, Provident Financial Services (NYSE:PFS) the parent company of Provident Bank, and SB One Bancorp (SB One) (NASDAQ: SBBX), the parent company of SB One Bank, revealed that they have entered into a definitive merger agreement under which Provident will acquire SB One.

The combined organization will have approximately $12 billion in assets and will rank as the 3rd largest bank headquartered in New Jersey. The merger brings together two high-performing companies with complementary geographies and business lines.

Provident will acquire all of the outstanding shares of SB One in exchange for common shares of Provident. The exchange ratio will be fixed at 1.357 Provident shares for each share of SB One, resulting in an aggregate transaction value of approximately $208.9 million, based on Provident’s closing stock price on March 11, 2020. The transaction consideration is presently valued at $22.09 per share for SB One shareholders.

Christopher Martin, Chairman and CEO of Provident said, We are excited about our partnership with SB One. This business combination provides attractive financial attributes to shareholders of both Provident and SB One. At $12 billion in assets, the combined company comfortably surpasses the $10 billion asset threshold and provides Provident a clear management succession plan with the addition of a very skilled leader and banker in Tony Labozzetta, who will serve as President and Chief Operating Officer of the combined company.

The Financial sector company, Provident Financial Services noticed change of 9.48% to $14.78 along volume of 897972 shares in recent session compared to an average volume of 236.47K. The stock observed return of -25.01% in 5 days trading activity. The stock was at -36.18% over one month performance. PFS’s shares are at -39.92% for the quarter and driving a -44.75% return over the course of the past year and is now at -40.04% since this point in 2018.

The average volatility for the week at 9.28% and for month was at 4.53%. There are 79.55M shares outstanding and 60.68M shares are floated in market. Right now the stock beta is 0.79.

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