Assenagon Asset Management S.A. Trims Stake in Provident Financial Services, Inc (NYSE:PFS)

Assenagon Asset Management S.A. cut its holdings in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 69.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,558 shares of the savings and loans company's stock after selling 185,810 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Provident Financial Services worth $1,383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PFS. GAMMA Investing LLC lifted its stake in shares of Provident Financial Services by 447.3% in the 1st quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock valued at $26,000 after acquiring an additional 1,230 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Provident Financial Services in the fourth quarter valued at $46,000. Federated Hermes Inc. acquired a new stake in Provident Financial Services in the fourth quarter valued at $55,000. Sterling Capital Management LLC increased its holdings in Provident Financial Services by 805.9% in the fourth quarter. Sterling Capital Management LLC now owns 3,968 shares of the savings and loans company's stock valued at $75,000 after purchasing an additional 3,530 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Provident Financial Services in the fourth quarter valued at $99,000. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Stock Up 0.4%

Shares of PFS traded up $0.07 during trading hours on Friday, hitting $16.21. The stock had a trading volume of 1,019,681 shares, compared to its average volume of 715,031. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $16.63 and a 200-day simple moving average of $17.66. The firm has a market capitalization of $2.12 billion, a P/E ratio of 14.60 and a beta of 0.86. Provident Financial Services, Inc has a 1-year low of $13.07 and a 1-year high of $22.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $208.76 million during the quarter, compared to the consensus estimate of $206.86 million. Provident Financial Services had a return on equity of 6.38% and a net margin of 11.45%. The company's quarterly revenue was up 82.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. Sell-side analysts predict that Provident Financial Services, Inc will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 5.92%. Provident Financial Services's dividend payout ratio (DPR) is currently 86.49%.

Insiders Place Their Bets

In other news, Chairman Christopher P. Martin sold 55,668 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total transaction of $950,252.76. Following the completion of the sale, the chairman now owns 601,050 shares in the company, valued at $10,259,923.50. This trade represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their price target on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Provident Financial Services has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

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.