XTX Topco Ltd Takes $242,000 Position in Provident Financial Services, Inc (NYSE:PFS)

XTX Topco Ltd purchased a new position in shares of Provident Financial Services, Inc (NYSE:PFS) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,085 shares of the savings and loans company’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Systematic Financial Management LP grew its stake in Provident Financial Services by 4.6% during the 4th quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company’s stock valued at $37,292,000 after acquiring an additional 87,612 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Provident Financial Services by 6.9% in the fourth quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company’s stock valued at $31,928,000 after purchasing an additional 109,923 shares in the last quarter. Basswood Capital Management L.L.C. grew its position in shares of Provident Financial Services by 23.8% in the fourth quarter. Basswood Capital Management L.L.C. now owns 1,105,103 shares of the savings and loans company’s stock valued at $20,853,000 after purchasing an additional 212,395 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Provident Financial Services by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 939,304 shares of the savings and loans company’s stock valued at $17,725,000 after purchasing an additional 9,445 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new position in Provident Financial Services during the fourth quarter worth approximately $17,447,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of the business’s 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 transaction, the chairman owned 601,050 shares in the company, valued at $10,259,923.50. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PFS shares. Hovde Group lifted their price target on Provident Financial Services from $22.50 to $23.50 and gave the stock an “outperform” rating in a report on Friday, July 25th. Raymond James Financial initiated coverage on shares of Provident Financial Services in a research note on Thursday, June 26th. They set a “strong-buy” rating and a $21.00 target price on the stock. DA Davidson increased their price target on shares of Provident Financial Services from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods cut their price target 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 equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.70.

Provident Financial Services Price Performance

PFS stock opened at $18.85 on Wednesday. The business’s fifty day moving average price is $17.84 and its 200 day moving average price is $17.41. Provident Financial Services, Inc has a 12-month low of $14.34 and a 12-month high of $22.24. The company has a market capitalization of $2.46 billion, a PE ratio of 10.65 and a beta of 0.89. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.04.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $213.39 million. During the same period in the prior year, the firm earned ($0.11) earnings per share. On average, sell-side analysts anticipate that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

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 given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Friday, August 15th. Provident Financial Services’s dividend payout ratio (DPR) is currently 54.24%.

Provident Financial Services 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.