SG Americas Securities LLC Acquires Shares of 24,912 Provident Financial Services, Inc (NYSE:PFS)

SG Americas Securities LLC purchased a new stake in Provident Financial Services, Inc (NYSE:PFS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 24,912 shares of the savings and loans company's stock, valued at approximately $428,000.

A number of other institutional investors also recently modified their holdings of the business. Rhumbline Advisers raised its stake in Provident Financial Services by 0.3% during the fourth quarter. Rhumbline Advisers now owns 392,600 shares of the savings and loans company's stock worth $7,408,000 after acquiring an additional 1,158 shares in the last quarter. Allworth Financial LP grew its position in Provident Financial Services by 35,936.4% during the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company's stock worth $151,000 after acquiring an additional 7,906 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Provident Financial Services by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 632,544 shares of the savings and loans company's stock worth $11,936,000 after purchasing an additional 17,749 shares in the last quarter. CIBC Asset Management Inc raised its position in Provident Financial Services by 6.1% in the fourth quarter. CIBC Asset Management Inc now owns 13,422 shares of the savings and loans company's stock valued at $253,000 after purchasing an additional 772 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in shares of Provident Financial Services by 23.1% during the fourth quarter. Ieq Capital LLC now owns 12,655 shares of the savings and loans company's stock valued at $239,000 after purchasing an additional 2,378 shares in the last quarter. Institutional investors and hedge funds own 71.97% of the company's stock.

Provident Financial Services Trading Up 2.3%

PFS traded up $0.39 during trading on Tuesday, reaching $17.09. 450,680 shares of the stock traded hands, compared to its average volume of 715,291. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.05. The stock's 50-day moving average is $16.66 and its 200 day moving average is $17.62. Provident Financial Services, Inc has a 12 month low of $13.07 and a 12 month high of $22.24. The stock has a market capitalization of $2.23 billion, a PE ratio of 15.39 and a beta of 0.86.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The firm had revenue of $208.76 million during the quarter, compared to the consensus estimate of $206.86 million. Provident Financial Services had a net margin of 11.45% and a return on equity of 6.38%. The business's revenue was up 82.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 earnings per share. Equities analysts anticipate that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 5.62%. The ex-dividend date of this dividend was Friday, May 16th. Provident Financial Services's payout ratio is currently 86.49%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Provident Financial Services has an average rating of "Moderate Buy" and a consensus price target of $24.25.

Insider Buying and Selling at Provident Financial Services

In other news, Chairman Christopher P. Martin sold 55,668 shares of the firm's stock in a transaction that occurred on 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 now owns 601,050 shares in the company, valued at $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is currently owned by company insiders.

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.