Provident Financial Services (NYSE:PFS) Sets New 12-Month High – Here’s What Happened

Provident Financial Services, Inc (NYSE:PFS) shares reached a new 52-week high on Wednesday . The company traded as high as $21.00 and last traded at $20.6320, with a volume of 757362 shares. The stock had previously closed at $20.21.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Provident Financial Services in a research note on Wednesday, October 8th. Zacks Research downgraded Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Finally, DA Davidson cut Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Provident Financial Services has an average rating of “Moderate Buy” and a consensus price target of $22.70.

Provident Financial Services Trading Up 2.1%

The company’s fifty day simple moving average is $18.95 and its two-hundred day simple moving average is $18.61. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 10.53 and a beta of 0.88.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share (EPS) for the quarter. Provident Financial Services had a net margin of 18.76% and a return on equity of 9.62%. The company had revenue of $114.54 million during the quarter. Research analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Friday, November 14th. Provident Financial Services’s dividend payout ratio is 48.98%.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, Director John Pugliese sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $19.91, for a total transaction of $497,750.00. Following the sale, the director directly owned 87,907 shares in the company, valued at approximately $1,750,228.37. This trade represents a 22.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James A. Christy sold 3,000 shares of Provident Financial Services stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.90, for a total transaction of $59,700.00. Following the completion of the transaction, the executive vice president directly owned 39,633 shares in the company, valued at approximately $788,696.70. The trade was a 7.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,262 shares of company stock valued at $709,058 over the last 90 days. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

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

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.