Envestnet Portfolio Solutions Inc. Invests $375,000 in Provident Financial Services, Inc $PFS

Key Points

• Envestnet Portfolio Solutions Inc. invested $375,000 in Provident Financial Services, Inc., acquiring 21,415 shares, reflecting a new stake reported in their Form 13F filing.
• Several other institutional investors have significantly increased their positions in Provident Financial Services, with Wellington Management raising its stake by 84.5% and owning over 3.2 million shares.
• The stock currently has a market capitalization of $2.46 billion and analysts expect a projected EPS of 2.14 for the fiscal year, following its recent quarterly earnings report showing a net margin of 16.97%.

Envestnet Portfolio Solutions Inc. purchased a new stake in Provident Financial Services, Inc (NYSE:PFS - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 21,415 shares of the savings and loans company's stock, valued at approximately $375,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP raised its stake in shares of Provident Financial Services by 84.5% in 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 acquiring an additional 1,469,432 shares during the period. American Century Companies Inc. raised its stake in shares of Provident Financial Services by 5.2% in the 1st quarter. American Century Companies Inc. now owns 2,584,298 shares of the savings and loans company's stock valued at $44,372,000 after acquiring an additional 127,897 shares during the period. Nuveen LLC purchased a new stake in shares of Provident Financial Services in the 1st quarter valued at approximately $17,412,000. Principal Financial Group Inc. raised its stake in shares of Provident Financial Services by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 649,485 shares of the savings and loans company's stock valued at $11,152,000 after acquiring an additional 16,941 shares during the period. Finally, Sound Income Strategies LLC purchased a new stake in shares of Provident Financial Services in the 2nd quarter valued at approximately $9,548,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Trading Up 0.7%

NYSE PFS opened at $18.81 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. Provident Financial Services, Inc has a 52 week low of $14.34 and a 52 week high of $22.24. The stock has a market capitalization of $2.46 billion, a PE ratio of 10.63 and a beta of 0.91. The firm has a 50 day moving average of $19.44 and a two-hundred day moving average of $17.97.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its quarterly earnings results on Thursday, February 17th. The savings and loans company reported $0.68 EPS for the quarter. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The company had revenue of $114.54 million during the quarter. As a group, research analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current fiscal year.

Insider Activity at Provident Financial Services

In other Provident Financial Services news, EVP James A. Christy sold 3,000 shares of the business's stock in a transaction that occurred 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 owned 39,633 shares in the company, valued at $788,696.70. The trade was a 7.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Pugliese sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $19.91, for a total transaction of $497,750.00. Following the transaction, the director owned 87,907 shares of the company's stock, valued at $1,750,228.37. This trade represents a 22.14% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Provident Financial Services from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of Provident Financial Services in a research note on Wednesday, October 8th. DA Davidson cut shares of Provident Financial Services from a "strong-buy" rating to a "hold" rating in a report on Monday. Raymond James Financial assumed coverage on shares of Provident Financial Services in a report on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 price objective for the company. Finally, Hovde Group lifted their price objective on shares of Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Provident Financial Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.70.

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.

Want to see what other hedge funds are holding PFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Provident Financial Services, Inc (NYSE:PFS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.