Hsbc Holdings PLC Has $1.67 Million Holdings in Provident Financial Services, Inc $PFS

Hsbc Holdings PLC lessened its holdings in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 74.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,616 shares of the savings and loans company's stock after selling 210,490 shares during the period. Hsbc Holdings PLC owned about 0.05% of Provident Financial Services worth $1,666,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in 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 in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Provident Financial Services during the fourth quarter worth $33,000. Danske Bank A S acquired a new position in shares of Provident Financial Services during the third quarter worth $58,000. First Bancorp Inc ME bought a new position in shares of Provident Financial Services in the 2nd quarter valued at $86,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Provident Financial Services by 227.6% during the second quarter. Russell Investments Group Ltd. now owns 6,926 shares of the savings and loans company's stock valued at $121,000 after purchasing an additional 4,812 shares in the last quarter. 71.97% of the stock is owned by institutional investors.

Insider Activity at Provident Financial Services

In other news, EVP Vito Giannola sold 20,000 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $24.36, for a total transaction of $487,200.00. Following the sale, the executive vice president directly owned 56,424 shares of the company's stock, valued at $1,374,488.64. The trade was a 26.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Shara sold 40,266 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $23.06, for a total value of $928,533.96. Following the completion of the transaction, the director owned 382,911 shares of the company's stock, valued at $8,829,927.66. This trade represents a 9.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 76,166 shares of company stock worth $1,786,204. 3.02% of the stock is owned by insiders.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock opened at $23.33 on Friday. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 9.72 and a beta of 0.77. The stock has a 50 day moving average price of $23.94 and a 200-day moving average price of $22.71. Provident Financial Services, Inc has a one year low of $17.69 and a one year high of $25.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.03 and a current ratio of 1.03.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. The business had revenue of $234.96 million during the quarter, compared to the consensus estimate of $225.57 million. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. During the same quarter last year, the firm earned $0.55 earnings per share. Equities analysts expect that Provident Financial Services, Inc will post 2.42 EPS for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, August 14th. Provident Financial Services's dividend payout ratio (DPR) is presently 40.00%.

Analyst Ratings Changes

Several brokerages recently weighed in on PFS. Weiss Ratings reissued a "buy (b)" rating on shares of Provident Financial Services in a research note on Wednesday, July 29th. Stephens assumed coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They issued an "equal weight" rating and a $24.00 target price for the company. DA Davidson set a $26.00 price objective on Provident Financial Services in a research note on Friday, July 31st. Raymond James Financial increased their price target on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Finally, Hovde Group boosted their target price on Provident Financial Services from $26.50 to $28.50 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Provident Financial Services currently has a consensus rating of "Moderate Buy" and an average target price of $26.79.

Provident Financial Services Profile

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community bank serving individuals, families, businesses and nonprofit organizations. The company provides a range of banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, commercial real estate financing, commercial and industrial loans, and consumer lending.

Through its banking operations, Provident also offers cash management, online and mobile banking, wealth management, trust services and other financial solutions.

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