MRA Advisory Group purchased a new position in shares of Provident Financial Services, Inc (NYSE:PFS – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 29,258 shares of the savings and loans company’s stock, valued at approximately $619,000.
Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of Provident Financial Services by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,814,194 shares of the savings and loans company’s stock valued at $154,331,000 after acquiring an additional 125,104 shares in the last quarter. State Street Corp increased its position in shares of Provident Financial Services by 0.6% during the 4th quarter. State Street Corp now owns 7,046,392 shares of the savings and loans company’s stock worth $139,166,000 after purchasing an additional 41,961 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Provident Financial Services by 5.5% during the 4th quarter. Wellington Management Group LLP now owns 6,710,987 shares of the savings and loans company’s stock worth $132,542,000 after purchasing an additional 351,889 shares during the last quarter. American Century Companies Inc. raised its stake in shares of 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 purchasing an additional 664,021 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Provident Financial Services by 15.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,578,302 shares of the savings and loans company’s stock worth $31,171,000 after purchasing an additional 216,567 shares in the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently weighed in on PFS. Piper Sandler assumed coverage on shares of Provident Financial Services in a research note on Monday, March 16th. They issued an “overweight” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods increased their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. DA Davidson restated a “neutral” rating and set a $23.00 price objective on shares of Provident Financial Services in a research note on Friday, May 1st. Weiss Ratings raised shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Stephens started coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They issued an “equal weight” rating and a $24.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.42.
Provident Financial Services Stock Up 0.1%
PFS opened at $23.63 on Friday. Provident Financial Services, Inc has a 1-year low of $17.40 and a 1-year high of $23.98. The stock’s fifty day simple moving average is $22.52 and its 200 day simple moving average is $21.68. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The stock has a market cap of $3.08 billion, a PE ratio of 10.06 and a beta of 0.78.
Provident Financial Services (NYSE:PFS – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $225.62 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. As a group, research analysts expect that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.
Provident Financial Services Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 15th. Provident Financial Services’s dividend payout ratio (DPR) is presently 40.85%.
Insider Activity
In related news, CEO George Lista sold 2,556 shares of the company’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 transaction of $57,254.40. Following the completion of the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. This represents a 2.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.02% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Provident Financial Services
- 3 Stocks That Could Benefit as the Robotaxi Race Heats Up
- 3 Waste Stocks Turning AI Investments into Growth
- 3 Overlooked Tech ETFs That Are Quietly Killing It This Year
- 3 ETFs Pairing Market-Beating Returns With High Dividend Yields
Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.
