First Trust Advisors LP lowered its stake in Provident Financial Services, Inc. (NYSE:PFS) by 69.5% during the second quarter, HoldingsChannel.com reports. The fund owned 39,876 shares of the savings and loans company’s stock after selling 90,875 shares during the quarter. First Trust Advisors LP’s holdings in Provident Financial Services were worth $1,098,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Alps Advisors Inc. acquired a new position in shares of Provident Financial Services during the second quarter worth about $513,000. Aperio Group LLC boosted its holdings in Provident Financial Services by 18.0% in the second quarter. Aperio Group LLC now owns 22,797 shares of the savings and loans company’s stock valued at $628,000 after purchasing an additional 3,484 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its holdings in Provident Financial Services by 3.1% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 846,011 shares of the savings and loans company’s stock valued at $23,291,000 after purchasing an additional 25,620 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Provident Financial Services by 19.6% in the first quarter. Allianz Asset Management GmbH now owns 21,916 shares of the savings and loans company’s stock valued at $561,000 after purchasing an additional 3,591 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Provident Financial Services by 0.8% in the first quarter. Principal Financial Group Inc. now owns 466,231 shares of the savings and loans company’s stock valued at $11,931,000 after purchasing an additional 3,576 shares in the last quarter. 65.15% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PFS opened at $24.99 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $1.68 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 1.90 and a beta of 0.78. Provident Financial Services, Inc. has a 52-week low of $23.26 and a 52-week high of $29.12.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.15). Provident Financial Services had a net margin of 23.56% and a return on equity of 7.46%. The business had revenue of $88.12 million during the quarter, compared to analyst estimates of $87.99 million. During the same period last year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. sell-side analysts predict that Provident Financial Services, Inc. will post 1.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th were paid a $0.21 dividend. The ex-dividend date was Tuesday, August 14th. This represents a $0.84 dividend on an annualized basis and a yield of 3.36%. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.20. Provident Financial Services’s payout ratio is currently 55.26%.
In other news, Director Matthew K. Harding acquired 1,000 shares of Provident Financial Services stock in a transaction on Friday, August 3rd. The stock was bought at an average price of $25.73 per share, for a total transaction of $25,730.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.00% of the stock is currently owned by insiders.
A number of equities analysts recently issued reports on PFS shares. Sandler O’Neill downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, June 21st. They noted that the move was a valuation call. Boenning Scattergood reaffirmed a “neutral” rating on shares of Provident Financial Services in a report on Friday, June 29th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $25.50 price target on shares of Provident Financial Services in a report on Wednesday, August 1st. Finally, Zacks Investment Research downgraded Provident Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, June 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Provident Financial Services presently has an average rating of “Hold” and a consensus target price of $28.25.
Provident Financial Services Company Profile
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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