Universal Beteiligungs und Servicegesellschaft mbH Makes New Investment in Provident Financial Services, Inc (NYSE:PFS)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has acquired a new stake in Provident Financial Services, Inc, purchasing 13,909 shares valued at approximately $239,000 in the first quarter of 2023.
• Provident Financial Services reported earnings per share of $0.55 for the last quarter, exceeding analysts' expectations of $0.50, along with a revenue of $214.17 million.
• The company declared a quarterly dividend of $0.24 per share, yielding 5.3%, with the payout to be made on August 29th to stockholders of record by August 15th.

Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Provident Financial Services, Inc (NYSE:PFS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,909 shares of the savings and loans company's stock, valued at approximately $239,000.

A number of other institutional investors have also bought and sold shares of PFS. Y Intercept Hong Kong Ltd bought a new position in shares of Provident Financial Services in the 1st quarter worth about $613,000. Private Advisor Group LLC acquired a new stake in Provident Financial Services during the first quarter worth approximately $426,000. Victory Capital Management Inc. increased its holdings in Provident Financial Services by 8.2% in the first quarter. Victory Capital Management Inc. now owns 184,312 shares of the savings and loans company's stock worth $3,165,000 after purchasing an additional 13,931 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Provident Financial Services by 2.7% in the first quarter. Principal Financial Group Inc. now owns 649,485 shares of the savings and loans company's stock valued at $11,152,000 after buying an additional 16,941 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in shares of Provident Financial Services during the 1st quarter worth approximately $311,000. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Stock Up 1.8%

PFS stock traded up $0.32 during midday trading on Friday, reaching $18.22. 163,031 shares of the company's stock traded hands, compared to its average volume of 660,993. 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 firm's fifty day moving average price is $17.73 and its 200-day moving average price is $17.44. Provident Financial Services, Inc has a 52 week low of $14.34 and a 52 week high of $22.24. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 10.29 and a beta of 0.89.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.05. The business had revenue of $214.17 million for the quarter, compared to analysts' expectations of $213.39 million. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. During the same quarter last year, the firm earned ($0.11) EPS. As a group, sell-side analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 15th. This represents a $0.96 annualized dividend and a yield of 5.3%. Provident Financial Services's dividend payout ratio is 54.24%.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total transaction of $950,252.76. Following the transaction, the chairman directly owned 601,050 shares in the company, valued at approximately $10,259,923.50. This trade represents a 8.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

PFS has been the subject of several research analyst reports. Hovde Group lifted their price objective on shares of Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a research note on Friday, July 25th. DA Davidson raised their price target on shares of Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Raymond James Financial started coverage on shares of Provident Financial Services in a report on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $22.70.

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.