Bank of America Corp DE boosted its stake in shares of Provident Financial Services, Inc (NYSE:PFS) by 46.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 189,041 shares of the savings and loans company’s stock after buying an additional 59,678 shares during the period. Bank of America Corp DE’s holdings in Provident Financial Services were worth $4,887,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in PFS. First Manhattan Co. raised its position in Provident Financial Services by 29.3% in the first quarter. First Manhattan Co. now owns 4,850 shares of the savings and loans company’s stock valued at $102,000 after buying an additional 1,100 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Provident Financial Services during the first quarter valued at about $136,000. State of Alaska Department of Revenue raised its position in Provident Financial Services by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 6,670 shares of the savings and loans company’s stock valued at $172,000 after buying an additional 190 shares during the last quarter. OppenheimerFunds Inc. bought a new position in Provident Financial Services during the first quarter valued at about $293,000. Finally, Mason Street Advisors LLC raised its position in Provident Financial Services by 7.7% in the first quarter. Mason Street Advisors LLC now owns 14,140 shares of the savings and loans company’s stock valued at $366,000 after buying an additional 1,007 shares during the last quarter. Hedge funds and other institutional investors own 62.34% of the company’s stock.
Provident Financial Services, Inc (NYSE:PFS) traded down 0.26% during trading on Tuesday, reaching $26.45. The company had a trading volume of 5,951 shares. The company has a market capitalization of $1.70 billion, a PE ratio of 18.24 and a beta of 0.98. The firm’s 50 day moving average is $25.32 and its 200 day moving average is $25.56. Provident Financial Services, Inc has a one year low of $19.99 and a one year high of $28.92.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The company had revenue of $83.87 million for the quarter, compared to analysts’ expectations of $81.24 million. During the same period in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Provident Financial Services, Inc will post $1.47 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.20 per share. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, August 11th. Provident Financial Services’s payout ratio is presently 52.05%.
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Several research firms recently issued reports on PFS. ValuEngine lowered Provident Financial Services from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Piper Jaffray Companies restated a “hold” rating and set a $25.50 price target on shares of Provident Financial Services in a research report on Friday, July 14th. Keefe, Bruyette & Woods restated a “hold” rating and set a $26.00 price target on shares of Provident Financial Services in a research report on Monday, April 10th. Finally, Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $25.90.
In other Provident Financial Services news, Director Carlos Hernandez sold 2,650 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $24.56, for a total transaction of $65,084.00. Following the sale, the director now directly owns 81,408 shares of the company’s stock, valued at $1,999,380.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.90% of the company’s stock.
Provident Financial Services Company Profile
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.
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