Rhumbline Advisers Has $6.44 Million Position in Provident Financial Services, Inc $PFS

Key Points

• Rhumbline Advisers has reduced its holdings in Provident Financial Services, Inc. by 4.4%, now owning 375,196 shares valued at approximately $6.44 million.
• Wellington Management Group LLP significantly increased its stake in the company by 84.5% during the same quarter, now holding over 3.2 million shares worth approximately $55 million.
• The company recently announced a quarterly dividend of $0.24 per share, yielding 4.8% annually, with a payout ratio of 54.24%.

Rhumbline Advisers lowered its holdings in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 4.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 375,196 shares of the savings and loans company's stock after selling 17,404 shares during the quarter. Rhumbline Advisers owned 0.29% of Provident Financial Services worth $6,442,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PFS. Wellington Management Group LLP raised its holdings in shares of Provident Financial Services by 84.5% in the 1st quarter. Wellington Management Group LLP now owns 3,207,898 shares of the savings and loans company's stock valued at $55,080,000 after buying an additional 1,469,432 shares during the period. Nuveen LLC acquired a new stake in shares of Provident Financial Services in the 1st quarter valued at about $17,412,000. Jane Street Group LLC raised its stake in Provident Financial Services by 247.5% during the 1st quarter. Jane Street Group LLC now owns 312,478 shares of the savings and loans company's stock valued at $5,365,000 after acquiring an additional 222,549 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Provident Financial Services by 5.2% during the 1st quarter. American Century Companies Inc. now owns 2,584,298 shares of the savings and loans company's stock worth $44,372,000 after buying an additional 127,897 shares in the last quarter. Finally, Mendon Capital Advisors Corp increased its stake in Provident Financial Services by 50.0% in the 1st quarter. Mendon Capital Advisors Corp now owns 300,000 shares of the savings and loans company's stock valued at $5,151,000 after purchasing an additional 100,000 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company's stock.

Insider Buying and Selling

In other news, EVP James A. Christy sold 3,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.90, for a total transaction of $59,700.00. Following the completion of the sale, the executive vice president owned 39,633 shares in the company, valued at approximately $788,696.70. This represents a 7.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Pugliese sold 25,000 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $19.91, for a total value of $497,750.00. Following the sale, the director owned 87,907 shares of the company's stock, valued at $1,750,228.37. This trade represents a 22.14% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PFS. Raymond James Financial assumed coverage on Provident Financial Services in a research report on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 price target for the company. DA Davidson boosted their price objective on Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Hovde Group boosted their price objective on Provident Financial Services from $22.50 to $23.50 and gave the stock an "outperform" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Provident Financial Services has a consensus rating of "Buy" and an average target price of $22.70.

Provident Financial Services Stock Performance

Shares of NYSE:PFS traded up $0.39 during trading on Thursday, hitting $20.12. 181,683 shares of the company traded hands, compared to its average volume of 641,213. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. The business's fifty day moving average is $19.04 and its 200-day moving average is $17.59. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 11.37 and a beta of 0.94. Provident Financial Services, Inc has a one year low of $14.34 and a one year high of $22.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.05. The business had revenue of $214.17 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.11) earnings per share. As a group, equities analysts predict that Provident Financial Services, Inc will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Friday, August 15th. Provident Financial Services's dividend payout ratio is 54.24%.

Provident Financial Services Profile

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.