Insider Selling: Provident Financial Services (NYSE:PFS) EVP Sells 20,000 Shares of Stock

Key Points

• Provident Financial Services EVP Vito Giannola sold 20,000 shares at an average price of $24.36, totaling $487,200. His remaining ownership fell 26.17% to 56,424 shares.
• The stock traded down 1.1% to $24.20, while the company reported quarterly earnings of $0.60 per share and revenue of $234.96 million, both exceeding analyst expectations.
• Provident declared a quarterly dividend of $0.24, equivalent to a 4.0% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $26.79.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) EVP Vito Giannola sold 20,000 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $24.36, for a total transaction of $487,200.00. Following the transaction, the executive vice president owned 56,424 shares in the company, valued at approximately $1,374,488.64. This represents a 26.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Provident Financial Services Stock Down 1.1%

Shares of NYSE:PFS traded down $0.27 during midday trading on Wednesday, hitting $24.20. 96,481 shares of the stock were exchanged, compared to its average volume of 974,291. The company has a market capitalization of $3.16 billion, a PE ratio of 10.09 and a beta of 0.78. Provident Financial Services, Inc has a 52-week low of $17.69 and a 52-week high of $25.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.03 and a current ratio of 1.03. The business's fifty day simple moving average is $23.88 and its two-hundred day simple moving average is $22.66.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its earnings results on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.04. The company had revenue of $234.96 million for the quarter, compared to analyst estimates of $225.57 million. Provident Financial Services had a return on equity of 11.00% and a net margin of 22.15%.During the same period in the prior year, the firm posted $0.55 EPS. As a group, research analysts predict that Provident Financial Services, Inc will post 2.41 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.96 dividend on an annualized basis and a yield of 4.0%. Provident Financial Services's dividend payout ratio is currently 40.00%.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its stake in Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock worth $27,000 after acquiring an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Provident Financial Services in the 4th quarter worth about $33,000. Danske Bank A S bought a new stake in shares of Provident Financial Services in the 3rd quarter worth about $58,000. First Bancorp Inc ME acquired a new stake in shares of Provident Financial Services during the 2nd quarter worth about $86,000. Finally, Farther Finance Advisors LLC increased its position in shares of 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 in the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. DA Davidson set a $26.00 price objective on Provident Financial Services in a report on Friday, July 31st. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $28.00 target price (up from $26.00) on shares of Provident Financial Services in a research report on Monday, August 3rd. Weiss Ratings reissued a "buy (b)" rating on shares of Provident Financial Services in a research report on Wednesday, July 29th. Raymond James Financial increased their target price on Provident Financial Services from $25.00 to $27.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $29.00 price objective (up from $26.00) on shares of Provident Financial Services in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $26.79.

Provident Financial Services Company 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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