Nuveen LLC Buys Shares of 1,014,102 Provident Financial Services, Inc $PFS

Key Points

• Nuveen LLC has purchased a new stake in Provident Financial Services, acquiring 1,014,102 shares worth approximately $17.4 million, representing 0.78% of the company's stock.
• The recent quarterly earnings report showed a net margin of 16.97% and earnings per share of $0.55, surpassing analysts' expectations of $0.50.
• Provident Financial Services announced a quarterly dividend of $0.24 per share, with a yield of 5.1%, set to be paid on August 29th.

Nuveen LLC acquired a new stake in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,014,102 shares of the savings and loans company's stock, valued at approximately $17,412,000. Nuveen LLC owned about 0.78% of Provident Financial Services at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Systematic Financial Management LP grew its stake in shares of Provident Financial Services by 4.6% in the fourth quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company's stock worth $37,292,000 after purchasing an additional 87,612 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Provident Financial Services by 6.9% in the fourth quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company's stock worth $31,928,000 after purchasing an additional 109,923 shares during the last quarter. Basswood Capital Management L.L.C. grew its stake in shares of Provident Financial Services by 23.8% in the fourth quarter. Basswood Capital Management L.L.C. now owns 1,105,103 shares of the savings and loans company's stock worth $20,853,000 after purchasing an additional 212,395 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Provident Financial Services by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 939,304 shares of the savings and loans company's stock worth $17,725,000 after purchasing an additional 9,445 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in shares of Provident Financial Services in the fourth quarter worth about $17,447,000. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Stock Up 0.2%

Shares of PFS stock traded up $0.0430 during trading hours on Monday, hitting $19.8030. 44,264 shares of the company's stock traded hands, compared to its average volume of 653,979. The stock's fifty day simple moving average is $18.20 and its two-hundred day simple moving average is $17.41. Provident Financial Services, Inc has a 12-month low of $14.34 and a 12-month high of $22.24. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 11.19 and a beta of 0.89. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted 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. The business had revenue of $214.17 million during the quarter, compared to analyst estimates of $213.39 million. Provident Financial Services had a return on equity of 8.80% and a net margin of 16.97%.During the same quarter last year, the company earned ($0.11) EPS. On average, analysts expect that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, August 15th. Provident Financial Services's payout ratio is presently 54.24%.

Insider Activity at Provident Financial Services

In other news, Chairman Christopher P. Martin sold 55,668 shares of the business's 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 transaction, the chairman directly owned 601,050 shares in the company, valued at $10,259,923.50. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PFS has been the topic of several recent analyst reports. Raymond James Financial started coverage on Provident Financial Services in a research note on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Monday, April 28th. DA Davidson raised their price objective on shares of Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Hovde Group raised their price objective on shares of Provident Financial Services from $22.50 to $23.50 and gave the stock an "outperform" rating in a report on Friday, July 25th. One investment 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 has a consensus rating of "Buy" and an average target price of $22.70.

About Provident Financial Services

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.