Provident Financial Services (NYSE:PFS) Director Sells $928,533.96 in Stock

Provident Financial Services, Inc (NYSE:PFS) Director Thomas Shara sold 40,266 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $23.06, for a total transaction of $928,533.96. Following the transaction, the director owned 382,911 shares in the company, valued at $8,829,927.66. This trade represents a 9.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Thomas Shara also recently made the following trade(s):

• On Monday, August 31st, Thomas Shara sold 15,900 shares of Provident Financial Services stock. The stock was sold at an average price of $23.30, for a total transaction of $370,470.00.

Provident Financial Services Stock Performance

Provident Financial Services stock opened at $23.58 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.03 and a quick ratio of 1.03. Provident Financial Services, Inc has a 1-year low of $17.69 and a 1-year high of $25.49. The firm has a market capitalization of $3.08 billion, a P/E ratio of 9.82 and a beta of 0.77. The company’s 50-day moving average is $23.97 and its 200 day moving average is $22.69.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. The business had revenue of $234.96 million during the quarter, compared to the consensus estimate of $225.57 million. During the same quarter last year, the firm earned $0.55 earnings per share. Research analysts forecast that Provident Financial Services, Inc will post 2.42 EPS for the current year.

Provident Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, August 14th. This represents a $0.96 dividend on an annualized basis and a yield of 4.1%. Provident Financial Services’s payout ratio is presently 40.00%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PFS. Weiss Ratings reiterated a “buy (b)” rating on shares of Provident Financial Services in a research note on Wednesday, July 29th. Stephens started coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 target price for the company. Raymond James Financial upped their price target on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a research note on Monday, August 3rd. Finally, Hovde Group lifted their price objective on shares of Provident Financial Services from $26.50 to $28.50 and gave the company an “outperform” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Provident Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $26.79.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in PFS. Royal Bank of Canada raised its holdings in Provident Financial Services by 23.9% in the first quarter. Royal Bank of Canada now owns 44,106 shares of the savings and loans company’s stock worth $758,000 after purchasing an additional 8,507 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Provident Financial Services by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,926 shares of the savings and loans company’s stock valued at $1,286,000 after buying an additional 3,277 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Provident Financial Services by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 256,739 shares of the savings and loans company’s stock worth $4,408,000 after acquiring an additional 15,112 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Provident Financial Services by 247.5% during 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, Intech Investment Management LLC lifted its position in Provident Financial Services by 45.6% during the first quarter. Intech Investment Management LLC now owns 73,261 shares of the savings and loans company’s stock valued at $1,258,000 after acquiring an additional 22,961 shares during the last quarter. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Company 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.