Choreo LLC Sells 1,050 Shares of Provident Financial Services, Inc (NYSE:PFS)

Choreo LLC lowered its position in Provident Financial Services, Inc (NYSE:PFS) by 9.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,102 shares of the savings and loans company’s stock after selling 1,050 shares during the quarter. Choreo LLC’s holdings in Provident Financial Services were worth $173,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of Provident Financial Services by 2.7% during the first quarter. Principal Financial Group Inc. now owns 649,485 shares of the savings and loans company’s stock valued at $11,152,000 after acquiring an additional 16,941 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Provident Financial Services by 447.3% in the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company’s stock worth $26,000 after acquiring an additional 1,230 shares in the last quarter. Deutsche Bank AG grew its position in Provident Financial Services by 27.5% during the 4th quarter. Deutsche Bank AG now owns 101,830 shares of the savings and loans company’s stock valued at $1,922,000 after purchasing an additional 21,993 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Provident Financial Services by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,649 shares of the savings and loans company’s stock valued at $1,352,000 after buying an additional 2,728 shares during the last quarter. Finally, Man Group plc bought a new stake in shares of Provident Financial Services in the 4th quarter worth $296,000. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Stock Performance

Shares of PFS opened at $18.20 on Friday. The business has a 50-day simple moving average of $17.59 and a two-hundred day simple moving average of $17.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. Provident Financial Services, Inc has a 52 week low of $14.34 and a 52 week high of $22.24. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 10.28 and a beta of 0.86.

Provident Financial Services (NYSE:PFS) last released its earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.05. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The company had revenue of $214.17 million during the quarter, compared to analyst estimates of $213.39 million. During the same period in the prior year, the firm posted ($0.11) EPS. On average, analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.96 dividend on an annualized basis and a yield of 5.3%. Provident Financial Services’s dividend payout ratio (DPR) is currently 54.24%.

Insider Buying and Selling

In related news, Chairman Christopher P. Martin sold 55,668 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total transaction of $950,252.76. Following the completion of the sale, the chairman owned 601,050 shares in the company, valued at approximately $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Hovde Group increased their price target on Provident Financial Services from $22.50 to $23.50 and gave the company an “outperform” rating in a report on Friday, July 25th. Raymond James Financial started coverage on shares of Provident Financial Services in a research report on Thursday, June 26th. They set a “strong-buy” rating and a $21.00 price target for the company. DA Davidson raised their price objective on shares of Provident Financial Services from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $22.70.

Provident Financial Services Company Profile

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.