Dimensional Fund Advisors LP Buys 256,540 Shares of Provident Financial Services, Inc $PFS

Key Points

• Dimensional Fund Advisors LP boosted its stake in Provident Financial Services by 3.3% in the first quarter, buying 256,540 additional shares and bringing its total holdings to 8.07 million shares worth about $170.8 million.
• Provident Financial Services reported better-than-expected quarterly earnings of $0.61 per share, topping analyst estimates, while revenue came in roughly in line and rose 7.9% from a year earlier.
• The company also declared a quarterly dividend of $0.24 per share, implying an annualized yield of 4.0%, while analysts currently rate the stock a Moderate Buy with an average price target of $25.00.

Dimensional Fund Advisors LP increased its stake in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,070,734 shares of the savings and loans company's stock after acquiring an additional 256,540 shares during the quarter. Dimensional Fund Advisors LP owned approximately 6.18% of Provident Financial Services worth $170,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of PFS. Key Capital Management INC bought a new stake in Provident Financial Services in the fourth quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock valued at $27,000 after purchasing an additional 1,210 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of Provident Financial Services during the fourth quarter valued at approximately $33,000. Danske Bank A S bought a new position in shares of Provident Financial Services in the third quarter worth approximately $58,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Provident Financial Services in the fourth quarter worth approximately $73,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $22.40, for a total transaction of $57,254.40. Following the transaction, the chief executive officer directly owned 109,262 shares of the company's stock, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.02% of the stock is currently owned by company insiders.

Provident Financial Services Trading Up 0.4%

NYSE PFS opened at $23.86 on Friday. The stock has a market cap of $3.11 billion, a P/E ratio of 10.15 and a beta of 0.78. Provident Financial Services, Inc has a fifty-two week low of $17.61 and a fifty-two week high of $24.56. The stock has a 50 day simple moving average of $23.04 and a two-hundred day simple moving average of $22.14. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.06. The firm had revenue of $225.20 million for the quarter, compared to analysts' expectations of $225.62 million. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The business's revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 earnings per share. On average, analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $0.24 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.96 annualized dividend and a yield of 4.0%. Provident Financial Services's payout ratio is 40.85%.

Wall Street Analyst Weigh In

PFS has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Raymond James Financial increased their price target on shares of Provident Financial Services from $25.00 to $27.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Stephens began coverage on shares of Provident Financial Services in a report on Monday, June 8th. They issued an "equal weight" rating and a $24.00 price target on the stock. DA Davidson restated a "neutral" rating and issued a $23.00 price objective on shares of Provident Financial Services in a research report on Friday, May 1st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $25.00.

About Provident Financial Services

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.

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