Provident Financial Services (NYSE:PFS) CEO Sells $151,607.70 in Stock

Provident Financial Services, Inc (NYSE:PFS) CEO George Lista sold 8,262 shares of Provident Financial Services stock in a transaction dated 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 owned 108,656 shares of the company’s stock, valued at approximately $1,993,837.60. This represents a 7.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Provident Financial Services Price Performance

NYSE:PFS opened at $18.80 on Thursday. Provident Financial Services, Inc has a 12-month low of $14.34 and a 12-month high of $22.24. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 9.59 and a beta of 0.95. The company’s 50-day moving average is $19.19 and its two-hundred day moving average is $18.33. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.04.

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

Provident Financial Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PFS. DA Davidson downgraded Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Hovde Group lifted their price target on Provident Financial Services from $22.50 to $23.50 and gave the company an “outperform” rating in a report on Friday, July 25th. Zacks Research downgraded shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.70.

Hedge Funds Weigh In On Provident Financial Services

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in Provident Financial Services by 45.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock worth $34,000 after purchasing an additional 548 shares in the last quarter. Arizona State Retirement System grew its stake in Provident Financial Services by 1.5% during the third quarter. Arizona State Retirement System now owns 36,730 shares of the savings and loans company’s stock worth $708,000 after buying an additional 549 shares during the period. Amalgamated Bank grew its stake in Provident Financial Services by 1.7% during the third quarter. Amalgamated Bank now owns 37,828 shares of the savings and loans company’s stock worth $729,000 after buying an additional 618 shares during the period. Leigh Baldwin & CO. LLC increased its position in shares of Provident Financial Services by 1.3% in the first quarter. Leigh Baldwin & CO. LLC now owns 49,643 shares of the savings and loans company’s stock worth $852,000 after acquiring an additional 645 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Provident Financial Services by 30.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company’s stock valued at $50,000 after acquiring an additional 667 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

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.