JPMorgan Chase & Co. Boosts Holdings in Provident Financial Services, Inc $PFS

Key Points

• JPMorgan Chase increased its stake in Provident Financial Services by 34.2% in Q3 to 1,096,733 shares — roughly a 0.84% ownership stake valued at about $21.15 million.
• Provident reported a quarterly EPS beat ($0.64 vs. $0.56) with revenue up 9.6% year-over-year, and the board authorized a $2.81 million buyback while the dividend annualizes to a 4.6% yield.
• Analysts hold a consensus Moderate Buy rating with an average price target of $24.08 (several firms at $25); the stock trades at a P/E of 9.34 and a market cap of $2.72 billion.

JPMorgan Chase & Co. increased its holdings in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 34.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,096,733 shares of the savings and loans company's stock after purchasing an additional 279,216 shares during the period. JPMorgan Chase & Co. owned approximately 0.84% of Provident Financial Services worth $21,145,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tudor Investment Corp ET AL raised its position in Provident Financial Services by 60.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 37,585 shares of the savings and loans company's stock worth $725,000 after purchasing an additional 14,223 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Provident Financial Services during the third quarter valued at about $265,000. Danske Bank A S bought a new position in shares of Provident Financial Services during the third quarter valued at about $58,000. Hancock Whitney Corp bought a new position in shares of Provident Financial Services during the third quarter valued at about $430,000. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Provident Financial Services by 3.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 141,403 shares of the savings and loans company's stock worth $2,737,000 after buying an additional 4,118 shares during the period. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $20.84 on Wednesday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 9.34 and a beta of 0.86. The stock has a fifty day moving average of $21.61 and a 200 day moving average of $20.23. Provident Financial Services, Inc has a 52 week low of $14.34 and a 52 week high of $23.98. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.90.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Wednesday, January 28th. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.08. Provident Financial Services had a net margin of 21.06% and a return on equity of 10.69%. The business had revenue of $225.03 million for the quarter, compared to the consensus estimate of $224.08 million. During the same period in the previous year, the firm earned $0.37 EPS. The company's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, research analysts expect that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services announced that its Board of Directors has approved a stock buyback program on Monday, January 26th that authorizes the company to repurchase $2.81 million in shares. This repurchase authorization authorizes the savings and loans company to repurchase up to 0.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were given a dividend of $0.24 per share. The ex-dividend date was Friday, February 13th. This represents a $0.96 annualized dividend and a dividend yield of 4.6%. Provident Financial Services's payout ratio is currently 43.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Piper Sandler initiated coverage on Provident Financial Services in a research note on Monday, March 16th. They issued an "overweight" rating and a $25.00 target price for the company. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a research report on Thursday, January 29th. Keefe, Bruyette & Woods lifted their price target on Provident Financial Services from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Thursday, January 29th. Weiss Ratings downgraded Provident Financial Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 12th. Finally, DA Davidson initiated coverage on Provident Financial Services in a research note on Wednesday, February 25th. They set a "neutral" rating and a $25.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.08.

Provident Financial Services Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.

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