Brandywine Global Investment Management LLC Has $2.66 Million Stake in Provident Financial Services, Inc $PFS

Brandywine Global Investment Management LLC lowered its stake in Provident Financial Services, Inc (NYSE:PFS) by 4.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 151,810 shares of the savings and loans company’s stock after selling 6,500 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.12% of Provident Financial Services worth $2,661,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Hillsdale Investment Management Inc. bought a new position in shares of Provident Financial Services in the 2nd quarter valued at approximately $39,000. Empowered Funds LLC grew its holdings in Provident Financial Services by 37.9% during the second quarter. Empowered Funds LLC now owns 446,063 shares of the savings and loans company’s stock valued at $7,819,000 after purchasing an additional 122,548 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Provident Financial Services by 6.7% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 14,845 shares of the savings and loans company’s stock valued at $260,000 after purchasing an additional 936 shares during the period. Intech Investment Management LLC lifted its stake in shares of Provident Financial Services by 2.4% in the second quarter. Intech Investment Management LLC now owns 75,018 shares of the savings and loans company’s stock worth $1,315,000 after buying an additional 1,757 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Provident Financial Services by 0.4% in the second quarter. Cetera Investment Advisers now owns 284,319 shares of the savings and loans company’s stock worth $4,984,000 after buying an additional 1,244 shares during the last quarter. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Trading Down 0.4%

Shares of PFS opened at $18.81 on Tuesday. Provident Financial Services, Inc has a 12-month low of $14.34 and a 12-month high of $22.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 9.59 and a beta of 0.95. The stock’s 50-day moving average price is $18.94 and its 200 day moving average price is $18.43.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share for the quarter. The company had revenue of $114.54 million for the quarter. Provident Financial Services had a return on equity of 9.72% and a net margin of 18.76%. As a group, research analysts predict that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Friday, November 14th. Provident Financial Services’s payout ratio is 48.98%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PFS. Zacks Research downgraded shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Provident Financial Services in a report on Wednesday, October 8th. Finally, DA Davidson lowered Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.70.

Insider Activity at Provident Financial Services

In other news, CEO George Lista sold 8,262 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $18.35, for a total value of $151,607.70. Following the sale, the chief executive officer directly owned 108,656 shares in the company, valued at approximately $1,993,837.60. This represents a 7.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Pugliese sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $19.91, for a total value of $497,750.00. Following the completion of the transaction, the director directly owned 87,907 shares of the company’s stock, valued at approximately $1,750,228.37. The trade was a 22.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,262 shares of company stock valued at $709,058 over the last quarter. 3.10% of the stock is owned by company 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.