Vanguard Group Inc. Decreases Holdings in Provident Financial Services, Inc $PFS

Key Points

• Vanguard Group reduced its stake in Provident Financial Services by 1.3% in the fourth quarter, selling 192,219 shares and leaving it with 14.27 million shares valued at about $281.8 million.
• Provident Financial Services reported strong quarterly results, with EPS of $0.61 beating estimates of $0.55 and revenue rising 7.9% year over year, while analysts now expect full-year EPS of 2.36.
• The company also announced a quarterly dividend of $0.24 per share and approved a small share repurchase program, while analysts maintain an overall Buy rating with an average price target of $23.92.

Vanguard Group Inc. trimmed its holdings in shares of Provident Financial Services, Inc (NYSE:PFS - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,266,934 shares of the savings and loans company's stock after selling 192,219 shares during the period. Vanguard Group Inc. owned 10.92% of Provident Financial Services worth $281,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC purchased a new stake in Provident Financial Services during the 4th quarter worth $205,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Provident Financial Services by 9.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,097 shares of the savings and loans company's stock worth $634,000 after purchasing an additional 2,903 shares during the period. Key Capital Management INC purchased a new stake in Provident Financial Services during the 4th quarter worth $26,000. Farther Finance Advisors LLC boosted its position in Provident Financial Services by 17.4% during the 4th quarter. Farther Finance Advisors LLC now owns 4,752 shares of the savings and loans company's stock worth $94,000 after purchasing an additional 705 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Provident Financial Services by 1.5% during the 4th quarter. State of Alaska Department of Revenue now owns 72,119 shares of the savings and loans company's stock worth $1,423,000 after purchasing an additional 1,050 shares during the period. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $22.40 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. Provident Financial Services, Inc has a one year low of $15.92 and a one year high of $23.98. The company's 50-day simple moving average is $21.58 and its 200-day simple moving average is $20.77. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.53 and a beta of 0.80.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The business had revenue of $225.20 million for the quarter, compared to analysts' expectations of $225.62 million. During the same quarter last year, the company posted $0.49 earnings per share. The company's quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts anticipate that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services declared that its Board of Directors has approved a stock repurchase program on Monday, January 26th that authorizes the company to buyback $2.81 million in outstanding shares. This buyback authorization authorizes the savings and loans company to reacquire up to 0.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Provident Financial Services Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently weighed in on PFS shares. DA Davidson reaffirmed a "neutral" rating and set a $23.00 price target on shares of Provident Financial Services in a research report on Friday, May 1st. Keefe, Bruyette & Woods upped their price objective on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Piper Sandler initiated coverage on shares of Provident Financial Services in a research report on Monday, March 16th. They issued an "overweight" rating and a $25.00 price objective for the company. Weiss Ratings raised shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Finally, Royal Bank Of Canada set a $25.00 price objective on shares of Provident Financial Services in a research report on Thursday, January 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $23.92.

About Provident Financial Services

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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