Vanguard Group Inc. Sells 42,996 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Vanguard Group Inc. lowered its stake in shares of Provident Financial Services, Inc. (NYSE:PFSFree Report) by 0.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,630,757 shares of the savings and loans company’s stock after selling 42,996 shares during the quarter. Vanguard Group Inc. owned about 11.41% of Provident Financial Services worth $131,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in Provident Financial Services by 1.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 35,947 shares of the savings and loans company’s stock valued at $800,000 after purchasing an additional 430 shares in the last quarter. Advisor Group Holdings Inc. boosted its position in Provident Financial Services by 35.7% during the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock valued at $42,000 after purchasing an additional 470 shares in the last quarter. Mariner LLC boosted its position in Provident Financial Services by 5.9% during the third quarter. Mariner LLC now owns 13,217 shares of the savings and loans company’s stock valued at $202,000 after purchasing an additional 736 shares in the last quarter. ProShare Advisors LLC boosted its position in Provident Financial Services by 8.1% during the second quarter. ProShare Advisors LLC now owns 11,528 shares of the savings and loans company’s stock valued at $188,000 after purchasing an additional 868 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Provident Financial Services by 132.8% during the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock valued at $36,000 after purchasing an additional 1,065 shares in the last quarter. Institutional investors own 71.97% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PFS. DA Davidson decreased their price target on Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, March 28th. TheStreet cut Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their price target on Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada decreased their price target on Provident Financial Services from $21.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.75.

Get Our Latest Stock Report on PFS

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the transaction, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.44% of the company’s stock.

Provident Financial Services Trading Up 1.1 %

Shares of NYSE:PFS opened at $14.67 on Wednesday. Provident Financial Services, Inc. has a 52-week low of $13.43 and a 52-week high of $19.62. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 8.58 and a beta of 1.07. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $15.39 and a 200-day moving average price of $15.77.

Provident Financial Services (NYSE:PFSGet Free Report) last announced its quarterly earnings data on Friday, January 26th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04). Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The firm had revenue of $114.76 million during the quarter, compared to analysts’ expectations of $114.30 million. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was down 13.3% compared to the same quarter last year. Equities analysts predict that Provident Financial Services, Inc. will post 1.68 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 6.54%. The ex-dividend date of this dividend was Thursday, February 8th. Provident Financial Services’s payout ratio is 56.14%.

About Provident Financial Services

(Free Report)

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

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Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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