John Pugliese Sells 25,000 Shares of Provident Financial Services (NYSE:PFS) Stock

Key Points

• Director John Pugliese sold 25,000 shares of Provident Financial Services stock for $497,750, representing a 22.14% decrease in his ownership.
• The company reported an earnings per share (EPS) of $0.55, surpassing analysts' expectations, with total revenue of $214.17 million for the quarter.
• Provident Financial Services declared a quarterly dividend of $0.24 per share, yielding an annualized dividend of 4.8%, with a payout ratio of 54.24%.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) Director John Pugliese sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $19.91, for a total value of $497,750.00. Following the completion of the transaction, the director directly owned 87,907 shares of the company's stock, valued at approximately $1,750,228.37. This trade represents a 22.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock traded up $0.10 during midday trading on Wednesday, reaching $19.72. The company had a trading volume of 787,836 shares, compared to its average volume of 479,521. The stock has a fifty day simple moving average of $19.04 and a 200 day simple moving average of $17.59. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 11.14 and a beta of 0.94. Provident Financial Services, Inc has a 1-year low of $14.34 and a 1-year high of $22.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.05. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The business had revenue of $214.17 million for the quarter, compared to analyst estimates of $213.39 million. During the same period last year, the business posted ($0.11) earnings per share. As a group, equities research analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Friday, August 15th. Provident Financial Services's dividend payout ratio is presently 54.24%.

Analyst Upgrades and Downgrades

PFS has been the subject of a number of analyst reports. DA Davidson lifted their price objective on shares of Provident Financial Services from $22.00 to $24.00 and gave the company a "buy" rating in a report on Monday, July 28th. Raymond James Financial initiated coverage on Provident Financial Services in a research note on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 target price for the company. Finally, Hovde Group lifted their price target on shares of Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $22.70.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in shares of Provident Financial Services by 447.3% during the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock worth $26,000 after buying an additional 1,230 shares during the period. EverSource Wealth Advisors LLC grew its position 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 valued at $27,000 after acquiring an additional 1,210 shares in the last quarter. Hantz Financial Services Inc. boosted its position in Provident Financial Services by 633.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,040 shares of the savings and loans company's stock valued at $36,000 after buying an additional 1,762 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Provident Financial Services during the second quarter worth about $39,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Provident Financial Services by 30.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company's stock valued at $50,000 after buying an additional 667 shares in the last quarter. Institutional investors own 71.97% of the company's stock.

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.