Provident Financial Services, Inc $PFS Shares Bought by Curi RMB Capital LLC

Key Points

• Curi RMB Capital LLC increased its stake in Provident Financial Services by 50%, acquiring an additional 100,000 shares, bringing its total holdings to approximately 300,000 shares valued at about $5.15 million.
• Various institutional investors have also increased their positions in Provident Financial Services, with significant boosts from firms like Jane Street Group LLC and Algert Global LLC.
• Provident Financial Services announced a quarterly dividend of $0.24 per share, representing an annualized dividend of $0.96 and a dividend yield of 4.8%.

Curi RMB Capital LLC grew its position in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 50.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 300,000 shares of the savings and loans company's stock after purchasing an additional 100,000 shares during the quarter. Curi RMB Capital LLC owned approximately 0.23% of Provident Financial Services worth $5,151,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PFS. Price T Rowe Associates Inc. MD increased its position in Provident Financial Services by 10.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 84,741 shares of the savings and loans company's stock worth $1,600,000 after acquiring an additional 8,190 shares during the period. Jane Street Group LLC grew its stake in shares of Provident Financial Services by 65.5% during the 4th quarter. Jane Street Group LLC now owns 89,929 shares of the savings and loans company's stock worth $1,697,000 after acquiring an additional 35,579 shares in the last quarter. Algert Global LLC boosted its holdings in shares of Provident Financial Services by 1,082.6% in the 4th quarter. Algert Global LLC now owns 146,592 shares of the savings and loans company's stock valued at $2,766,000 after buying an additional 134,196 shares during the last quarter. Brevan Howard Capital Management LP acquired a new stake in Provident Financial Services during the 4th quarter valued at $439,000. Finally, Cetera Investment Advisers grew its holdings in shares of Provident Financial Services by 6.7% during the fourth quarter. Cetera Investment Advisers now owns 282,898 shares of the savings and loans company's stock worth $5,338,000 after purchasing an additional 17,782 shares during the last quarter. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Stock Performance

Shares of PFS traded up $0.09 during trading hours on Wednesday, hitting $19.84. The stock had a trading volume of 62,749 shares, compared to its average volume of 643,493. The stock has a fifty day moving average price of $18.91 and a 200 day moving average price of $17.51. Provident Financial Services, Inc has a 12 month low of $14.34 and a 12 month high of $22.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $2.59 billion, a PE ratio of 11.21 and a beta of 0.94.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.05. Provident Financial Services had a return on equity of 8.80% and a net margin of 16.97%.The business had revenue of $214.17 million during the quarter, compared to analyst estimates of $213.39 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Analysts anticipate that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.96 annualized dividend and a yield of 4.8%. Provident Financial Services's dividend payout ratio is 54.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PFS. Hovde Group upped their target price on Provident Financial Services from $22.50 to $23.50 and gave the stock an "outperform" rating in a research report on Friday, July 25th. DA Davidson increased their price objective on Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Raymond James Financial began coverage on Provident Financial Services in a report on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $22.70.

Provident Financial Services Company Profile

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.