Wedge Capital Management L L P NC lessened its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 6.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 10,029 shares of the savings and loans company’s stock after selling 679 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Provident Financial Services were worth $260,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Two Sigma Securities LLC purchased a new position in shares of Provident Financial Services during the fourth quarter worth about $274,000. Brinker Capital Inc. grew its holdings in shares of Provident Financial Services by 64.3% during the first quarter. Brinker Capital Inc. now owns 20,596 shares of the savings and loans company’s stock worth $533,000 after buying an additional 8,057 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Provident Financial Services by 6.2% during the fourth quarter. Arizona State Retirement System now owns 94,681 shares of the savings and loans company’s stock worth $2,285,000 after buying an additional 5,500 shares during the last quarter. 6 Meridian purchased a new position in shares of Provident Financial Services during the first quarter worth about $488,000. Finally, Victory Capital Management Inc. lifted its position in Provident Financial Services by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 73,076 shares of the savings and loans company’s stock valued at $1,763,000 after purchasing an additional 6,100 shares during the period. 68.07% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director James P. Dunigan purchased 1,000 shares of Provident Financial Services stock in a transaction dated Wednesday, February 27th. The stock was bought at an average cost of $27.30 per share, for a total transaction of $27,300.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank L. Fekete sold 5,000 shares of Provident Financial Services stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $27.26, for a total transaction of $136,300.00. Following the sale, the director now owns 38,953 shares of the company’s stock, valued at $1,061,858.78. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Friday, April 26th. The savings and loans company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $87.20 million during the quarter, compared to the consensus estimate of $90.53 million. Provident Financial Services had a net margin of 28.66% and a return on equity of 9.03%. During the same quarter last year, the firm earned $0.43 earnings per share. Analysts expect that Provident Financial Services, Inc. will post 1.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be given a $0.23 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.63%. Provident Financial Services’s payout ratio is currently 50.55%.
A number of brokerages recently commented on PFS. Zacks Investment Research downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Provident Financial Services currently has an average rating of “Hold” and an average target price of $27.50.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA, and KEOGH products.
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