New Age Alpha Advisors LLC Invests $4.21 Million in Provident Financial Services, Inc $PFS

Key Points

• New Age Alpha Advisors LLC opened a new stake in Provident Financial Services, buying 213,137 shares worth about $4.21 million in the fourth quarter.
• Provident Financial Services reported better-than-expected quarterly earnings, posting $0.61 EPS versus the $0.55 estimate, while revenue rose 7.9% year over year.
• The company also announced a quarterly dividend of $0.24 per share and a share repurchase authorization, while analysts currently assign the stock an average “Buy” rating with a target price of $23.92.

New Age Alpha Advisors LLC acquired a new position in Provident Financial Services, Inc (NYSE:PFS - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 213,137 shares of the savings and loans company's stock, valued at approximately $4,209,000. New Age Alpha Advisors LLC owned 0.16% of Provident Financial Services at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Hantz Financial Services Inc. raised its holdings in shares of Provident Financial Services by 224.9% in the 4th quarter. Hantz Financial Services Inc. now owns 11,351 shares of the savings and loans company's stock worth $224,000 after purchasing an additional 7,857 shares during the period. Midwest Professional Planners LTD. raised its holdings in shares of Provident Financial Services by 38.6% in the 4th quarter. Midwest Professional Planners LTD. now owns 20,978 shares of the savings and loans company's stock worth $414,000 after purchasing an additional 5,840 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of Provident Financial Services by 4.0% in the 4th quarter. Handelsbanken Fonder AB now owns 33,774 shares of the savings and loans company's stock worth $667,000 after purchasing an additional 1,300 shares during the period. ProShare Advisors LLC raised its holdings in shares of Provident Financial Services by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 25,075 shares of the savings and loans company's stock worth $495,000 after purchasing an additional 769 shares during the period. Finally, HighTower Advisors LLC raised its holdings in shares of Provident Financial Services by 3.9% in the 4th quarter. HighTower Advisors LLC now owns 35,939 shares of the savings and loans company's stock worth $710,000 after purchasing an additional 1,351 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Provident Financial Services

In related news, CEO George Lista sold 2,556 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $22.40, for a total transaction of $57,254.40. Following the sale, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. This trade represents a 2.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.02% of the company's stock.

Provident Financial Services Stock Performance

Shares of NYSE:PFS opened at $22.05 on Tuesday. The company has a market cap of $2.87 billion, a P/E ratio of 9.38 and a beta of 0.80. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. Provident Financial Services, Inc has a one year low of $15.92 and a one year high of $23.98. The business's 50-day simple moving average is $21.76 and its 200 day simple moving average is $21.05.

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 EPS for the quarter, beating the consensus estimate of $0.55 by $0.06. The business had revenue of $225.20 million for 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 company's revenue was up 7.9% on a year-over-year basis. During the same period last year, the business posted $0.49 EPS. On average, sell-side analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services announced that its Board of Directors has authorized a share repurchase plan on Monday, January 26th that allows the company to buyback $2.81 million in shares. This buyback authorization allows the savings and loans company to reacquire up to 0.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, May 15th. Provident Financial Services's dividend payout ratio (DPR) is presently 40.85%.

Analysts Set New Price Targets

PFS has been the topic of a number of research reports. Royal Bank Of Canada set a $25.00 price objective on Provident Financial Services in a report on Thursday, January 29th. DA Davidson restated a "neutral" rating and issued a $23.00 price objective on shares of Provident Financial Services in a report on Friday, May 1st. Keefe, Bruyette & Woods raised their price objective on Provident Financial Services from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Weiss Ratings upgraded Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Finally, Piper Sandler initiated coverage on Provident Financial Services in a report on Monday, March 16th. They set an "overweight" rating and a $25.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $23.92.

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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