Invesco Ltd. Sells 72,600 Shares of Provident Financial Services, Inc $PFS

Key Points

• Invesco Ltd. has decreased its holdings in Provident Financial Services by 8.3%, now owning 805,893 shares valued at approximately $13.8 million after selling 72,600 shares in the first quarter.
• Provident Financial Services announced a quarterly dividend of $0.24 per share, reflecting a 4.9% yield and a payout ratio of 54.24%.
• Analysts are optimistic about Provident Financial Services, with several increasing their target prices, indicating a consensus rating of "Buy" and an average target price of $22.70.

Invesco Ltd. trimmed its position in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 8.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 805,893 shares of the savings and loans company's stock after selling 72,600 shares during the quarter. Invesco Ltd. owned about 0.62% of Provident Financial Services worth $13,837,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Illinois Municipal Retirement Fund grew its position in Provident Financial Services by 1.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 72,088 shares of the savings and loans company's stock valued at $1,238,000 after purchasing an additional 699 shares during the last quarter. GAMMA Investing LLC grew its position in Provident Financial Services by 447.3% during 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. iSAM Funds UK Ltd grew its position in Provident Financial Services by 12.2% during the 4th quarter. iSAM Funds UK Ltd now owns 14,816 shares of the savings and loans company's stock valued at $280,000 after purchasing an additional 1,609 shares during the last quarter. Quantinno Capital Management LP grew its position in Provident Financial Services by 7.9% during the 4th quarter. Quantinno Capital Management LP now owns 24,871 shares of the savings and loans company's stock valued at $469,000 after purchasing an additional 1,829 shares during the last quarter. Finally, Byrne Asset Management LLC boosted its holdings in shares of Provident Financial Services by 193.8% during 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. 71.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of the firm's stock in a transaction that occurred 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 sale, the chairman owned 601,050 shares in the company, valued at approximately $10,259,923.50. This trade represents a 8.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PFS. Hovde Group raised their price target 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. DA Davidson raised their price target on shares of Provident Financial Services from $22.00 to $24.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Raymond James Financial assumed coverage on shares of Provident Financial Services in a research note on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $22.70.

Provident Financial Services Stock Performance

NYSE PFS traded up $0.03 on Thursday, reaching $19.90. 542,584 shares of the stock were exchanged, compared to its average volume of 584,412. Provident Financial Services, Inc has a one year low of $14.34 and a one year high of $22.24. The firm has a market capitalization of $2.60 billion, a PE ratio of 11.24 and a beta of 0.89. The company's 50-day simple moving average is $18.50 and its two-hundred day simple moving average is $17.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its earnings results on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $213.39 million. During the same quarter last year, the business earned ($0.11) EPS. Analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

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

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.