Provident Financial Services (NYSE:PFS) CEO George Lista Sells 2,556 Shares

Key Points

• CEO George Lista sold 2,556 shares of Provident Financial Services at $22.40 each, totaling about $57,254. After the sale, he still owned 109,262 shares, a 2.29% reduction in his stake.
• The company recently beat earnings expectations, reporting $0.61 EPS versus the $0.55 consensus estimate. Revenue came in at $225.2 million, up 7.9% year over year.
• Provident Financial Services is returning cash to shareholders through a quarterly dividend of $0.24 per share, yielding 4.4%, and a buyback program authorized for up to $2.81 million in shares.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) CEO George Lista sold 2,556 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the transaction, the chief executive officer owned 109,262 shares of the company's stock, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Provident Financial Services Price Performance

Provident Financial Services stock traded down $0.06 during midday trading on Tuesday, hitting $22.04. 665,946 shares of the company's stock were exchanged, compared to its average volume of 961,077. Provident Financial Services, Inc has a 52-week low of $15.92 and a 52-week high of $23.98. The stock has a 50-day moving average price of $21.58 and a two-hundred day moving average price of $20.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $2.88 billion, a P/E ratio of 9.38 and a beta of 0.80.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its 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 return on equity of 10.98% and a net margin of 21.95%.The business had revenue of $225.20 million during the quarter, compared to analysts' expectations of $225.62 million. During the same period in the previous year, the business earned $0.49 earnings per share. The firm's revenue was up 7.9% on a year-over-year basis. On average, equities research analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services announced that its Board of Directors has initiated a stock buyback program on Monday, January 26th that permits the company to buyback $2.81 million in shares. This buyback authorization permits the savings and loans company to reacquire up to 0.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid 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 yield of 4.4%. Provident Financial Services's payout ratio is 40.85%.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the stock. Key Capital Management INC bought a new stake in shares of Provident Financial Services in the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of 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 during the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Provident Financial Services in the 4th quarter valued at about $33,000. Danske Bank A S bought a new stake in shares of Provident Financial Services in the 3rd quarter valued at about $58,000. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of Provident Financial Services by 40.9% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company's stock valued at $60,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 71.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PFS. Piper Sandler began coverage on Provident Financial Services in a research note on Monday, March 16th. They set an "overweight" rating and a $25.00 price target for the company. Weiss Ratings raised Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lifted their price target on Provident Financial Services from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. DA Davidson reaffirmed a "neutral" rating and set a $23.00 price target on shares of Provident Financial Services in a research note on Friday, May 1st. Finally, Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a research note on Thursday, January 29th. Two 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target 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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