Benzinga | Aug 11, 2021 11:25AM EDT

Ex-Dividend Date Insight: Provident Finl Services

Provident Finl Services (NYSE:PFS) declared a dividend payable on August 27, 2021 to its shareholders as of July 30, 2021. It was also announced that shareholders of Provident Finl Services's stock as of August 13, 2021 are entitled to the dividend. The stock is expected to become ex-dividend 1 business day(s) before the record date. The ex-dividend date for Provident Finl Services will be on August 12, 2021. The company's current dividend payout is at $0.23. That equates to a dividend yield of 4.23% at current price levels.

What Is An Ex-Dividend Date?

An ex-dividend date signals when a company's shares cease to trade with its current dividend payout. There is a small intermission period before the company announces a new dividend. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Understanding Provident Finl Services's Dividend Payouts And Yields

Over the past year, Provident Finl Services has seen its dividend payouts remain the same and its yields trend downward. Last year on August 13, 2020 the company's payout sat at $0.23, which has returned to its value today. Provident Finl Services's dividend yield last year was 6.31%, which has since decreased by 2.08%.

Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.

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