Russell Investments Group Ltd. cut its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 52.0% during the second quarter, HoldingsChannel reports. The fund owned 40,900 shares of the savings and loans company’s stock after selling 44,325 shares during the period. Russell Investments Group Ltd.’s holdings in Provident Financial Services were worth $935,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PFS. USA Financial Portformulas Corp acquired a new position in Provident Financial Services in the second quarter valued at approximately $58,000. RMR Wealth Builders acquired a new position in Provident Financial Services in the first quarter valued at approximately $141,000. Ensign Peak Advisors Inc acquired a new position in Provident Financial Services in the first quarter valued at approximately $169,000. Advisor Partners LLC acquired a new position in Provident Financial Services in the first quarter valued at approximately $205,000. Finally, Profund Advisors LLC acquired a new position in Provident Financial Services in the first quarter valued at approximately $207,000. Hedge funds and other institutional investors own 61.35% of the company’s stock.
A number of research analysts recently commented on the company. Barclays reiterated an “overweight” rating on shares of Provident Financial Services in a report on Thursday, August 12th. Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Wednesday, August 4th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $21.67.
Provident Financial Services (NYSE:PFS) last announced its earnings results on Thursday, July 29th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The company had revenue of $112.06 million for the quarter, compared to analyst estimates of $111.23 million. Provident Financial Services had a return on equity of 9.84% and a net margin of 33.66%. The firm’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.22 earnings per share. Analysts anticipate that Provident Financial Services, Inc. will post 2.12 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, August 12th. Provident Financial Services’s dividend payout ratio is currently 66.19%.
In other news, EVP Vito Giannola sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $22.18, for a total transaction of $221,800.00. Following the sale, the executive vice president now owns 96,832 shares of the company’s stock, valued at $2,147,733.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James A. Christy sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $21.93, for a total value of $65,790.00. The disclosure for this sale can be found here. 3.96% of the stock is currently owned by corporate insiders.
Provident Financial Services Company Profile
Provident Financial Services, Inc is a holding company, which engages in the provision of banking services to individual and corporate customers in Northern and Central New Jersey and Eastern Pennsylvania. The company was founded on January 15, 2003 and is headquartered in Jersey City, NJ.
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