Thrivent Financial for Lutherans Has $1.96 Million Position in Provident Financial Services, Inc $PFS

Key Points

• Thrivent Financial for Lutherans cut its stake in Provident Financial Services by 67.9% in the fourth quarter, leaving it with 99,330 shares valued at about $1.96 million.
• Provident Financial Services reported stronger-than-expected quarterly earnings of $0.61 per share, topping estimates, while revenue rose 7.9% year over year.
• The company also declared a quarterly dividend of $0.24 per share, which annualizes to a 4.3% yield, while analysts currently rate the stock a consensus “Buy” with a $23.92 average price target.

Thrivent Financial for Lutherans lessened its position in Provident Financial Services, Inc (NYSE:PFS - Free Report) by 67.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,330 shares of the savings and loans company's stock after selling 210,163 shares during the period. Thrivent Financial for Lutherans owned 0.08% of Provident Financial Services worth $1,962,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PFS. Key Capital Management INC acquired a new position in Provident Financial Services in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC increased its holdings in Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock worth $27,000 after purchasing an additional 1,210 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Provident Financial Services in the third quarter valued at about $58,000. Hillsdale Investment Management Inc. increased its stake in shares of Provident Financial Services by 40.9% in the third quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company's stock valued at $60,000 after buying an additional 900 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in shares of Provident Financial Services by 71.3% in the third quarter. Hantz Financial Services Inc. now owns 3,494 shares of the savings and loans company's stock valued at $67,000 after buying an additional 1,454 shares during the period. Institutional investors and hedge funds own 71.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PFS shares. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a research note on Thursday, January 29th. Keefe, Bruyette & Woods increased their price target on Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Weiss Ratings raised Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Piper Sandler started coverage on Provident Financial Services in a research note on Monday, March 16th. They issued an "overweight" rating and a $25.00 price target for the company. 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 investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Provident Financial Services currently has an average rating of "Buy" and a consensus target price of $23.92.

Insider Buying and Selling

In related news, CEO George Lista sold 2,556 shares of Provident Financial Services 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 sale, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.02% of the company's stock.

Provident Financial Services Trading Up 1.7%

NYSE PFS opened at $22.42 on Wednesday. The business has a 50 day simple moving average of $21.80 and a 200 day simple moving average of $21.08. Provident Financial Services, Inc has a one year low of $15.92 and a one year high of $23.98. The stock has a market capitalization of $2.92 billion, a P/E ratio of 9.54 and a beta of 0.80. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly 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. The business had revenue of $225.20 million for the quarter, compared to analyst estimates of $225.62 million. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The company's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 earnings per share. Research analysts expect that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, May 15th. Provident Financial Services's dividend payout ratio (DPR) is 40.85%.

Provident Financial Services Profile

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.

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