GAMMA Investing LLC Acquires 25,566 Shares of Provident Financial Services, Inc (NYSE:PFS)

GAMMA Investing LLC increased its holdings in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 9,296.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,841 shares of the savings and loans company's stock after acquiring an additional 25,566 shares during the period. GAMMA Investing LLC's holdings in Provident Financial Services were worth $444,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Provident Financial Services by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 14,605,199 shares of the savings and loans company's stock worth $275,600,000 after purchasing an additional 51,253 shares in the last quarter. PL Capital Advisors LLC raised its stake in shares of Provident Financial Services by 1,787.0% in the 4th quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company's stock valued at $47,809,000 after acquiring an additional 2,399,351 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Provident Financial Services by 3.4% in the 4th quarter. American Century Companies Inc. now owns 2,456,401 shares of the savings and loans company's stock valued at $46,352,000 after acquiring an additional 81,617 shares in the last quarter. Systematic Financial Management LP raised its stake in shares of Provident Financial Services by 4.6% in the 4th quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company's stock valued at $37,292,000 after acquiring an additional 87,612 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Provident Financial Services by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,825,993 shares of the savings and loans company's stock valued at $34,456,000 after acquiring an additional 33,201 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Stock Performance

Shares of PFS stock traded up $0.50 during trading on Monday, reaching $16.69. The company had a trading volume of 552,291 shares, compared to its average volume of 714,380. The company has a market capitalization of $2.18 billion, a PE ratio of 15.04 and a beta of 0.86. The firm's 50 day simple moving average is $16.66 and its two-hundred day simple moving average is $17.62. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.03 and a quick ratio of 1.03. Provident Financial Services, Inc has a one year low of $13.07 and a one year high of $22.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its 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 firm had revenue of $208.76 million for the quarter, compared to analyst estimates 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 revenue was up 82.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. Sell-side analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date was Friday, May 16th. Provident Financial Services's dividend payout ratio (DPR) is currently 86.49%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price objective on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.25.

Insider Buying and Selling at Provident Financial Services

In other news, Chairman Christopher P. Martin sold 55,668 shares of Provident Financial Services stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total transaction of $950,252.76. Following the sale, the chairman now owns 601,050 shares of the company's stock, valued at approximately $10,259,923.50. This trade represents a 8.48% 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. Insiders own 3.10% of the company's stock.

Provident Financial Services 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.