NEXT Financial Group Inc Makes New $197,000 Investment in Provident Financial Services, Inc. (NYSE:PFS)

NEXT Financial Group Inc purchased a new position in shares of Provident Financial Services, Inc. (NYSE:PFS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,110 shares of the savings and loans company’s stock, valued at approximately $197,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Denali Advisors LLC lifted its holdings in Provident Financial Services by 3,413.5% during the 2nd quarter. Denali Advisors LLC now owns 1,300 shares of the savings and loans company’s stock worth $32,000 after buying an additional 1,263 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in Provident Financial Services during the 1st quarter worth about $49,000. FMR LLC lifted its holdings in Provident Financial Services by 45.3% during the 4th quarter. FMR LLC now owns 1,954 shares of the savings and loans company’s stock worth $47,000 after buying an additional 609 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Provident Financial Services during the 1st quarter worth about $210,000. Finally, Everence Capital Management Inc. purchased a new stake in Provident Financial Services during the 1st quarter worth about $244,000. 64.31% of the stock is owned by institutional investors.

PFS has been the subject of a number of recent analyst reports. ValuEngine downgraded Provident Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, May 23rd. Boenning Scattergood reaffirmed a “hold” rating on shares of Provident Financial Services in a report on Friday, April 26th. Finally, Zacks Investment Research downgraded Provident Financial Services from a “hold” rating to a “strong sell” rating in a report on Thursday.

In other news, Director Ursuline F. Foley bought 4,000 shares of Provident Financial Services stock in a transaction dated Tuesday, July 30th. The stock was acquired at an average cost of $23.80 per share, with a total value of $95,200.00. Following the acquisition, the director now owns 1,405 shares of the company’s stock, valued at $33,439. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Carlos Hernandez sold 3,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $23.52, for a total value of $70,560.00. The disclosure for this sale can be found here. Insiders bought a total of 5,000 shares of company stock valued at $120,335 over the last three months. Company insiders own 3.00% of the company’s stock.

Shares of Provident Financial Services stock traded down $0.46 on Monday, hitting $23.43. The stock had a trading volume of 51,840 shares, compared to its average volume of 196,362. Provident Financial Services, Inc. has a 52-week low of $22.22 and a 52-week high of $27.94. The company has a current ratio of 1.09, a quick ratio of 1.07 and a debt-to-equity ratio of 1.11. The firm has a market cap of $1.59 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.66 and a beta of 0.59. The business has a 50 day moving average price of $24.16.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, July 26th. The savings and loans company reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.09). Provident Financial Services had a net margin of 29.23% and a return on equity of 9.28%. The firm had revenue of $92.39 million during the quarter, compared to analysts’ expectations of $91.04 million. During the same period in the previous year, the firm posted $0.30 earnings per share. As a group, research analysts predict that Provident Financial Services, Inc. will post 1.8 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Wednesday, August 14th. Provident Financial Services’s payout ratio is currently 50.55%.

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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Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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