Assenagon Asset Management S.A. raised its position in shares of Provident Financial Services, Inc (NYSE:PFS – Free Report) by 18.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 934,311 shares of the savings and loans company’s stock after purchasing an additional 147,139 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Provident Financial Services were worth $19,770,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. grew its holdings in Provident Financial Services by 40.4% during the 3rd quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company’s stock worth $44,513,000 after acquiring an additional 664,021 shares during the period. JPMorgan Chase & Co. grew its position in shares of Provident Financial Services by 34.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company’s stock worth $21,145,000 after buying an additional 279,216 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Provident Financial Services in the 4th quarter valued at $4,209,000. Bridgeway Capital Management LLC boosted its stake in Provident Financial Services by 23.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company’s stock worth $17,698,000 after acquiring an additional 171,103 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in Provident Financial Services by 138.3% in the fourth quarter. Intech Investment Management LLC now owns 170,995 shares of the savings and loans company’s stock worth $3,377,000 after purchasing an additional 99,238 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.
Insider Buying and Selling at Provident Financial Services
In related news, CEO George Lista sold 2,556 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the sale, the chief executive officer directly owned 109,262 shares of the company’s stock, valued at $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.02% of the stock is currently owned by insiders.
Provident Financial Services Trading Up 0.1%
Provident Financial Services (NYSE:PFS – Get Free Report) last posted its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The business had revenue of $225.20 million for the quarter, compared to analyst estimates of $225.62 million. During the same quarter in the prior year, the firm posted $0.49 EPS. Provident Financial Services’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts expect that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.
Provident Financial Services Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, May 15th. Provident Financial Services’s dividend payout ratio is currently 40.85%.
Analyst Ratings Changes
Several brokerages have recently commented on PFS. Keefe, Bruyette & Woods raised their target price on Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Stephens initiated coverage on Provident Financial Services in a report on Monday, June 8th. They set an “equal weight” rating and a $24.00 price objective for the company. Piper Sandler began coverage on Provident Financial Services in a report on Monday, March 16th. They issued an “overweight” rating and a $25.00 target price on the stock. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $23.00 price objective on shares of Provident Financial Services in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Provident Financial Services currently has a consensus rating of “Moderate Buy” and an average target price of $24.42.
Provident Financial Services Profile
Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.
Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.
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