Thrivent Financial for Lutherans Lowers Stock Position in Provident Financial Services, Inc $PFS

Thrivent Financial for Lutherans lowered its position in Provident Financial Services, Inc (NYSE:PFS) by 13.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 309,493 shares of the savings and loans company’s stock after selling 49,892 shares during the period. Thrivent Financial for Lutherans owned about 0.24% of Provident Financial Services worth $5,967,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Simon Quick Advisors LLC purchased a new position in Provident Financial Services during the second quarter worth approximately $10,545,000. AQR Capital Management LLC lifted its position in shares of Provident Financial Services by 251.3% during the 2nd quarter. AQR Capital Management LLC now owns 413,107 shares of the savings and loans company’s stock valued at $7,242,000 after buying an additional 295,521 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Provident Financial Services in the 2nd quarter valued at $4,377,000. Jane Street Group LLC increased its holdings in Provident Financial Services by 247.5% in the 1st quarter. Jane Street Group LLC now owns 312,478 shares of the savings and loans company’s stock worth $5,365,000 after acquiring an additional 222,549 shares in the last quarter. Finally, Empowered Funds LLC raised its position 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 worth $7,819,000 after acquiring an additional 122,548 shares during the period. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Stock Performance

Provident Financial Services stock opened at $23.83 on Friday. The firm has a 50 day simple moving average of $20.72 and a 200-day simple moving average of $19.62. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 10.69 and a beta of 0.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.02 and a quick ratio of 1.02. Provident Financial Services, Inc has a 1-year low of $14.34 and a 1-year high of $23.97.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Tuesday, January 27th. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Provident Financial Services had a return on equity of 10.69% and a net margin of 21.06%.The company had revenue of $225.03 million during the quarter, compared to analysts’ expectations of $224.08 million. During the same quarter last year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services announced that its Board of Directors has initiated a share repurchase plan on Monday, January 26th that permits the company to repurchase $2.81 million in outstanding shares. This repurchase authorization permits the savings and loans company to buy up to 0.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Provident Financial Services’s dividend payout ratio (DPR) is 43.05%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PFS. Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a report on Thursday, January 22nd. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a research note on Thursday, January 29th. DA Davidson downgraded Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Provident Financial Services from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Provident Financial Services has an average rating of “Moderate Buy” and an average target price of $23.70.

Provident Financial Services Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.