Provident Financial Services, Inc $PFS Shares Acquired by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management increased its stake in Provident Financial Services by 23.6% in the fourth quarter, buying 171,103 additional shares and bringing its total holding to 896,079 shares worth about $17.7 million.
• PFS reported stronger-than-expected quarterly earnings, posting EPS of $0.61 versus the $0.55 consensus estimate, while revenue rose 7.9% year over year to $225.2 million.
• The company also paid a quarterly dividend of $0.24 per share, annualizing to $0.96 and a yield of 4.3%; analysts currently rate the stock a “Moderate Buy” with an average price target of $23.93.

Bridgeway Capital Management LLC lifted its position in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 23.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 896,079 shares of the savings and loans company's stock after purchasing an additional 171,103 shares during the quarter. Bridgeway Capital Management LLC owned 0.69% of Provident Financial Services worth $17,698,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PFS. Assenagon Asset Management S.A. grew 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 purchasing an additional 761,427 shares during the period. American Century Companies Inc. grew its stake in shares of Provident Financial Services by 40.4% during the 3rd quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company's stock worth $44,513,000 after purchasing an additional 664,021 shares during the period. Wellington Management Group LLP grew its stake in Provident Financial Services by 10.0% in the 3rd quarter. Wellington Management Group LLP now owns 6,359,098 shares of the savings and loans company's stock valued at $122,603,000 after acquiring an additional 576,673 shares during the period. Goldman Sachs Group Inc. grew its stake in Provident Financial Services by 38.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,239,628 shares of the savings and loans company's stock valued at $24,483,000 after acquiring an additional 342,301 shares during the period. Finally, AQR Capital Management LLC grew its stake in Provident Financial Services by 251.3% in the 2nd quarter. AQR Capital Management LLC now owns 413,107 shares of the savings and loans company's stock valued at $7,242,000 after acquiring an additional 295,521 shares during the period. Institutional investors and hedge funds own 71.97% of the company's stock.

Provident Financial Services Trading Down 2.6%

Shares of PFS opened at $22.56 on Thursday. Provident Financial Services, Inc has a 52-week low of $15.92 and a 52-week high of $23.98. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. The firm's fifty day moving average is $22.37 and its two-hundred day moving average is $21.52. The stock has a market cap of $2.94 billion, a PE ratio of 9.60 and a beta of 0.78.

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 (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The company had revenue of $225.20 million for the quarter, compared to analysts' expectations of $225.62 million. During the same quarter in the previous year, the company posted $0.49 EPS. The firm's quarterly revenue was up 7.9% on a year-over-year basis. Research analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given 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 yield of 4.3%. Provident Financial Services's dividend payout ratio (DPR) is presently 40.85%.

Analyst Ratings Changes

PFS has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note 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 note on Friday, May 1st. Stephens initiated coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They issued an "equal weight" rating and a $24.00 price target on the stock. Piper Sandler initiated coverage on shares of Provident Financial Services in a research note on Monday, March 16th. They issued an "overweight" rating and a $25.00 price target on the stock. Finally, DA Davidson reissued a "neutral" rating and issued a $23.00 price target on shares of Provident Financial Services in a research note on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.93.

Insiders Place Their Bets

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $22.40, for a total transaction of $57,254.40. Following the transaction, the chief executive officer owned 109,262 shares of the company's stock, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.02% of the company's stock.

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.

Want to see what other hedge funds are holding PFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Provident Financial Services, Inc (NYSE:PFS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.