Hsbc Holdings PLC Has $22.28 Million Stock Holdings in Provident Financial Services, Inc $PFS

Key Points

• HSBC Holdings PLC reduced its stake in Provident Financial Services by 23%, selling 389,092 shares and owning approximately 1.00% of the company worth $22.28 million.
• Several institutional investors increased their holdings in Provident Financial Services, with GAMMA Investing LLC ramping up ownership by 447.3% during the first quarter.
• Provident Financial Services recently reported an EPS of $0.55 for the last quarter, exceeding expectations and indicating a net margin of 16.97%.

Hsbc Holdings PLC lessened its holdings in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 23.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,302,909 shares of the savings and loans company's stock after selling 389,092 shares during the quarter. Hsbc Holdings PLC owned approximately 1.00% of Provident Financial Services worth $22,280,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Provident Financial Services by 447.3% in the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock worth $26,000 after purchasing an additional 1,230 shares during the period. Aquatic Capital Management LLC acquired a new stake in Provident Financial Services in the 4th quarter valued at about $46,000. Byrne Asset Management LLC lifted its holdings 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 acquiring an additional 1,938 shares during the last quarter. Entropy Technologies LP acquired a new stake in Provident Financial Services in the 1st quarter valued at about $178,000. Finally, State of Wyoming raised its holdings in Provident Financial Services by 96.8% during the 4th quarter. State of Wyoming now owns 11,066 shares of the savings and loans company's stock worth $209,000 after buying an additional 5,442 shares during the period. Institutional investors and hedge funds own 71.97% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PFS shares. DA Davidson boosted their price objective on Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Hovde Group increased their price objective on Provident Financial Services from $22.50 to $23.50 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Raymond James Financial began coverage on Provident Financial Services in a report on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $22.70.

Insider Activity

In related news, Chairman Christopher P. Martin sold 55,668 shares of Provident Financial Services stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total value of $950,252.76. Following the completion of the transaction, the chairman directly owned 601,050 shares of the company's stock, valued at $10,259,923.50. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.10% of the stock is owned by corporate insiders.

Provident Financial Services Price Performance

Shares of NYSE:PFS traded down $0.05 on Friday, hitting $19.86. The stock had a trading volume of 514,426 shares, compared to its average volume of 577,026. The firm's 50 day moving average price is $18.57 and its 200-day moving average price is $17.46. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.03 and a current ratio of 1.03. Provident Financial Services, Inc has a twelve month low of $14.34 and a twelve month high of $22.24. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 11.22 and a beta of 0.89.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, beating 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 business had revenue of $214.17 million during the quarter, compared to analysts' expectations of $213.39 million. During the same period in the previous year, the business posted ($0.11) earnings per share. On average, equities research analysts predict 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 declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, August 15th. Provident Financial Services's payout ratio is currently 54.24%.

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.