Empowered Funds LLC Boosts Stake in Provident Financial Services, Inc $PFS

Key Points

• Empowered Funds LLC increased its stake in Provident Financial Services by 22.1%, now owning 323,515 shares valued at approximately $5.6 million.
• Provident Financial recently reported earnings of $0.55 per share, exceeding expectations, and announced a quarterly dividend of $0.24, yielding 4.8% annually.
• Multiple analysts have given Provident Financial a consensus "Buy" rating with a target price average of $22.70, indicating positive market sentiment.

Empowered Funds LLC boosted its holdings in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 22.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 323,515 shares of the savings and loans company's stock after purchasing an additional 58,582 shares during the quarter. Empowered Funds LLC owned about 0.25% of Provident Financial Services worth $5,555,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in shares of Provident Financial Services by 84.5% during the 1st quarter. Wellington Management Group LLP now owns 3,207,898 shares of the savings and loans company's stock valued at $55,080,000 after purchasing an additional 1,469,432 shares during the last quarter. American Century Companies Inc. increased its holdings in Provident Financial Services by 5.2% during the 1st quarter. American Century Companies Inc. now owns 2,584,298 shares of the savings and loans company's stock worth $44,372,000 after purchasing an additional 127,897 shares during the period. Systematic Financial Management LP lifted its stake in Provident Financial Services by 4.6% in the fourth quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company's stock worth $37,292,000 after acquiring an additional 87,612 shares during the period. Nuveen LLC bought a new position in shares of Provident Financial Services during the first quarter valued at approximately $17,412,000. Finally, Nuveen Asset Management LLC increased its holdings in shares of Provident Financial Services by 1.0% in the 4th quarter. Nuveen Asset Management LLC now owns 939,304 shares of the savings and loans company's stock valued at $17,725,000 after acquiring an additional 9,445 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Stock Performance

Provident Financial Services stock traded up $0.23 during trading hours on Wednesday, hitting $19.85. 54,590 shares of the stock traded hands, compared to its average volume of 639,781. Provident Financial Services, Inc has a 1 year low of $14.34 and a 1 year high of $22.24. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 11.24 and a beta of 0.94. 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's 50 day moving average price is $19.02 and its 200-day moving average price is $17.58.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its earnings results on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $214.17 million during the quarter, compared to the consensus estimate of $213.39 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. As a group, equities analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

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

Insider Buying and Selling at Provident Financial Services

In related news, EVP James A. Christy sold 3,000 shares of the business's stock in a transaction 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 $788,696.70. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Pugliese sold 25,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $19.91, for a total value of $497,750.00. Following the sale, the director directly owned 87,907 shares in the company, valued at $1,750,228.37. This represents a 22.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PFS shares. Raymond James Financial assumed coverage on Provident Financial Services in a research report on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 price objective on the stock. Hovde Group increased their target price on shares of Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, DA Davidson lifted their price target on shares of Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the company currently 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.