Provident Financial Services, Inc. (NYSE:PFS) Shares Sold by Rhumbline Advisers

Rhumbline Advisers decreased its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 375,196 shares of the savings and loans company's stock after selling 17,404 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of Provident Financial Services worth $6,442,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PFS. Aquatic Capital Management LLC acquired a new stake in shares of Provident Financial Services during the fourth quarter worth about $46,000. Federated Hermes Inc. acquired a new stake in Provident Financial Services in the fourth quarter valued at about $55,000. Sterling Capital Management LLC lifted its position in Provident Financial Services by 805.9% in the fourth quarter. Sterling Capital Management LLC now owns 3,968 shares of the savings and loans company's stock valued at $75,000 after purchasing an additional 3,530 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in Provident Financial Services in the fourth quarter valued at about $99,000. Finally, Smartleaf Asset Management LLC lifted its position in Provident Financial Services by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company's stock valued at $142,000 after purchasing an additional 4,408 shares during the period. Hedge funds and other institutional investors own 71.97% of the company's stock.

Provident Financial Services Price Performance

Shares of PFS traded down $0.51 during mid-day trading on Friday, reaching $16.42. 533,325 shares of the company's stock were exchanged, compared to its average volume of 724,201. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a 50-day simple moving average of $16.54 and a two-hundred day simple moving average of $17.83. Provident Financial Services, Inc. has a 52-week low of $13.07 and a 52-week high of $22.24. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 15.64 and a beta of 0.86.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $208.76 million during the quarter, compared to analysts' expectations of $206.86 million. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. The company's revenue was up 82.4% on a year-over-year basis. During the same period last year, the company posted $0.43 EPS. On average, sell-side analysts predict that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.96 annualized dividend and a yield of 5.85%. Provident Financial Services's payout ratio is currently 86.49%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PFS. Keefe, Bruyette & Woods reduced their price target on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Wall Street Zen upgraded shares of Provident Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, February 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

Insiders Place Their Bets

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of Provident Financial Services stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total value of $950,252.76. Following the transaction, the chairman now owns 601,050 shares in the company, valued at $10,259,923.50. This trade represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by corporate insiders.

Provident Financial Services Company 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.