Provident Financial Services (NYSE:PFS) CEO George Lista Sells 2,556 Shares

Provident Financial Services, Inc (NYSE:PFS) CEO George Lista sold 2,556 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the transaction, the chief executive officer directly owned 109,262 shares of the company’s stock, valued at $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Provident Financial Services Trading Down 0.2%

PFS traded down $0.06 during midday trading on Tuesday, reaching $22.04. 665,946 shares of the company’s stock traded hands, compared to its average volume of 961,077. The firm has a fifty day moving average of $21.58 and a two-hundred day moving average of $20.82. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 9.38 and a beta of 0.80. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04. Provident Financial Services, Inc has a 52 week low of $15.92 and a 52 week high of $23.98.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06. The business had revenue of $225.20 million during the quarter, compared to analyst estimates of $225.62 million. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.Provident Financial Services’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 EPS. On average, equities analysts anticipate that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services declared that its board has authorized a share repurchase program on Monday, January 26th that permits the company to buyback $2.81 million in outstanding shares. This buyback authorization permits the savings and loans company to buy up to 0.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.4%. Provident Financial Services’s dividend payout ratio is 40.85%.

Analyst Ratings Changes

A number of research firms have weighed in on PFS. Keefe, Bruyette & Woods upped their target price on Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. DA Davidson reiterated a “neutral” rating and set a $23.00 target price on shares of Provident Financial Services in a report on Friday, May 1st. Royal Bank Of Canada set a $25.00 target price on Provident Financial Services in a report on Thursday, January 29th. Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Piper Sandler assumed coverage on Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Provident Financial Services presently has an average rating of “Buy” and a consensus target price of $23.92.

Institutional Trading of Provident Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in PFS. Key Capital Management INC purchased a new stake in shares of Provident Financial Services in the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after buying an additional 1,210 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Provident Financial Services in the 4th quarter worth approximately $33,000. Danske Bank A S purchased a new stake in shares of Provident Financial Services in the 3rd quarter worth approximately $58,000. Finally, Hillsdale Investment Management Inc. grew its stake in shares of Provident Financial Services by 40.9% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company’s stock worth $60,000 after buying an additional 900 shares during the last quarter. Hedge funds and other 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.