Yousif Capital Management LLC Sells 1,059 Shares of Provident Financial Services, Inc (NYSE:PFS)

Yousif Capital Management LLC lowered its stake in Provident Financial Services, Inc (NYSE:PFSFree Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,289 shares of the savings and loans company’s stock after selling 1,059 shares during the period. Yousif Capital Management LLC’s holdings in Provident Financial Services were worth $829,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Aquatic Capital Management LLC bought a new position in Provident Financial Services in the 4th quarter valued at $46,000. Federated Hermes Inc. bought a new stake in shares of Provident Financial Services during the fourth quarter worth $55,000. Sterling Capital Management LLC lifted its stake in shares of Provident Financial Services by 805.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,968 shares of the savings and loans company’s stock valued at $75,000 after acquiring an additional 3,530 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in shares of Provident Financial Services during the fourth quarter valued at $99,000. Finally, Smartleaf Asset Management LLC boosted its holdings in Provident Financial Services by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company’s stock valued at $142,000 after acquiring an additional 4,408 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Trading Up 1.1%

Shares of NYSE PFS opened at $16.16 on Friday. Provident Financial Services, Inc has a fifty-two week low of $13.07 and a fifty-two week high of $22.24. The firm has a market capitalization of $2.11 billion, a P/E ratio of 14.55 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.03 and a quick ratio of 1.03. The company’s 50 day simple moving average is $16.60 and its 200 day simple moving average is $17.72.

Provident Financial Services (NYSE:PFSGet Free Report) last issued its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $208.76 million during the quarter, compared to analysts’ expectations of $206.86 million. Provident Financial Services had a net margin of 11.45% and a return on equity of 6.38%. The business’s revenue for the quarter was up 82.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 earnings per share. On average, analysts predict that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were issued a $0.24 dividend. The ex-dividend date was Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.94%. Provident Financial Services’s dividend payout ratio (DPR) is 86.49%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their price objective on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Check Out Our Latest Analysis on Provident Financial Services

Insider Activity

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total value of $950,252.76. Following the completion of the sale, the chairman now owns 601,050 shares in the company, valued at $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.10% of the stock is owned by corporate insiders.

Provident Financial Services Profile

(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.

Further Reading

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

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