Hotchkis & Wiley Capital Management LLC Has $11.94 Million Stake in Provident Financial Services, Inc $PFS

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Provident Financial Services by 2.1%, selling 15,099 shares during the 1st quarter, now owning 695,294 shares valued at approximately $11.9 million.
• Provident Financial Services recently announced a quarterly dividend of $0.24 per share, representing a 4.9% dividend yield and a payout ratio of 54.24%.
• The stock has shown price stability with a market capitalization of $2.58 billion and a PE ratio of 11.17, with a 52-week range between $14.34 and $22.24.

Hotchkis & Wiley Capital Management LLC decreased its holdings in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 695,294 shares of the savings and loans company's stock after selling 15,099 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.53% of Provident Financial Services worth $11,938,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Provident Financial Services by 447.3% in the 1st quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock valued at $26,000 after purchasing an additional 1,230 shares during the last quarter. Aquatic Capital Management LLC bought a new position in Provident Financial Services in the 4th quarter valued at $46,000. Byrne Asset Management LLC boosted its position in Provident Financial Services by 193.8% in the 1st quarter. Byrne Asset Management LLC now owns 2,938 shares of the savings and loans company's stock valued at $50,000 after buying an additional 1,938 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Provident Financial Services by 30.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company's stock valued at $50,000 after buying an additional 667 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Provident Financial Services in the 1st quarter valued at $156,000. Institutional investors own 71.97% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, Chairman Christopher P. Martin sold 55,668 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total transaction of $950,252.76. Following the transaction, the chairman directly owned 601,050 shares in the company, valued at approximately $10,259,923.50. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.10% of the company's stock.

Provident Financial Services Trading Up 0.7%

Shares of NYSE PFS traded up $0.13 during midday trading on Friday, reaching $20.03. 154,055 shares of the stock were exchanged, compared to its average volume of 651,820. The business has a 50-day simple moving average of $18.50 and a two-hundred day simple moving average of $17.45. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 11.32 and a beta of 0.89. 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.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.05. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The company had revenue of $214.17 million during the quarter, compared to the consensus estimate of $213.39 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. As a group, equities research analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, August 15th. Provident Financial Services's payout ratio is presently 54.24%.

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.