Louisiana State Employees Retirement System Invests $1.23 Million in Provident Financial Services, Inc $PFS

Key Points

• Louisiana State Employees Retirement System opened a new position in Provident Financial Services, buying 57,900 shares valued at about $1.23 million in the first quarter.
• Provident Financial Services reported strong quarterly results, with earnings of $0.61 per share beating estimates and revenue rising 7.9% year over year. Analysts now expect full-year EPS of $2.36.
• The bank also paid a quarterly dividend of $0.24 per share, implying an annualized yield of about 4.1%, while Wall Street maintains a Moderate Buy consensus with a target price of $24.79.

Louisiana State Employees Retirement System purchased a new stake in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 57,900 shares of the savings and loans company's stock, valued at approximately $1,225,000.

Several other large investors have also made changes to their positions in PFS. American Century Companies Inc. increased its position in Provident Financial Services by 40.4% during the third quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company's stock worth $44,513,000 after buying an additional 664,021 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Provident Financial Services in the fourth quarter worth about $4,209,000. Assenagon Asset Management S.A. boosted its stake in shares of Provident Financial Services by 2,957.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company's stock worth $15,547,000 after acquiring an additional 761,427 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Provident Financial Services by 34.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company's stock valued at $21,145,000 after acquiring an additional 279,216 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its stake in shares of Provident Financial Services by 23.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company's stock valued at $17,698,000 after acquiring an additional 171,103 shares in the last quarter. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Trading Down 0.0%

Provident Financial Services stock opened at $23.53 on Friday. Provident Financial Services, Inc has a 52 week low of $17.61 and a 52 week high of $24.24. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $3.07 billion, a PE ratio of 10.01 and a beta of 0.78. The business's 50-day simple moving average is $22.63 and its 200-day simple moving average is $21.79.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.06. The firm had revenue of $225.20 million during the quarter, compared to the consensus estimate of $225.62 million. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The firm's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 EPS. Equities research analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.1%. Provident Financial Services's payout ratio is 40.85%.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer directly owned 109,262 shares of the company's stock, valued at approximately $2,447,468.80. This represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.02% of the company's stock.

Wall Street Analyst Weigh In

PFS has been the subject of several analyst reports. Stephens assumed coverage on Provident Financial Services in a report on Monday, June 8th. They issued an "equal weight" rating and a $24.00 target price for the company. DA Davidson reiterated a "neutral" rating and set a $23.00 price target on shares of Provident Financial Services in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Finally, Raymond James Financial upped their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Provident Financial Services has a consensus rating of "Moderate Buy" and a consensus target price of $24.79.

About Provident Financial Services

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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