Invesco Ltd. Decreases Stock Holdings in Provident Financial Services, Inc $PFS

Invesco Ltd. trimmed its holdings in shares of Provident Financial Services, Inc (NYSE:PFS) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 805,893 shares of the savings and loans company’s stock after selling 72,600 shares during the quarter. Invesco Ltd. owned 0.62% of Provident Financial Services worth $13,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. 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 worth $37,292,000 after buying an additional 87,612 shares during the last quarter. Hsbc Holdings PLC grew its stake in Provident Financial Services by 6.9% during the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company’s stock worth $31,928,000 after buying an additional 109,923 shares during the last quarter. Basswood Capital Management L.L.C. grew its stake in Provident Financial Services by 23.8% during the 4th quarter. Basswood Capital Management L.L.C. now owns 1,105,103 shares of the savings and loans company’s stock worth $20,853,000 after buying an additional 212,395 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Provident Financial Services by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 939,304 shares of the savings and loans company’s stock worth $17,725,000 after buying an additional 9,445 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new position in Provident Financial Services during the 4th quarter worth $17,447,000. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Price Performance

NYSE:PFS opened at $19.7680 on Friday. Provident Financial Services, Inc has a one year low of $14.34 and a one year high of $22.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 11.17 and a beta of 0.89. The firm’s fifty day moving average is $18.20 and its two-hundred day moving average is $17.44.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $213.39 million. During the same period in the prior year, the company earned ($0.11) earnings per share. Research analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The business also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Friday, August 15th. Provident Financial Services’s dividend payout ratio (DPR) is presently 54.24%.

Wall Street Analysts Forecast Growth

PFS has been the topic of several research analyst reports. Hovde Group boosted their target price on Provident Financial Services from $22.50 to $23.50 and gave the stock an “outperform” rating in a research note on Friday, July 25th. DA Davidson boosted their target price on Provident Financial Services from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Raymond James Financial assumed coverage on 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. Finally, Keefe, Bruyette & Woods reduced their target price on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, Provident Financial Services presently has a consensus rating of “Buy” and an average target price of $22.70.

Insider Transactions at Provident Financial Services

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 transaction of $950,252.76. Following the transaction, the chairman directly owned 601,050 shares of the company’s stock, valued at $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 is accessible through this hyperlink. 3.10% of the stock is currently owned by insiders.

About Provident Financial Services

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.