IAM Advisory LLC Makes New $244,000 Investment in Provident Financial Services, Inc. (NYSE:PFS)

IAM Advisory LLC acquired a new position in Provident Financial Services, Inc. (NYSE:PFS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,876 shares of the savings and loans company’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in Provident Financial Services by 2.7% in the second quarter. Arizona State Retirement System now owns 21,097 shares of the savings and loans company’s stock worth $483,000 after buying an additional 559 shares during the period. Newbridge Financial Services Group Inc. lifted its holdings in shares of Provident Financial Services by 27.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,827 shares of the savings and loans company’s stock valued at $65,000 after purchasing an additional 616 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in shares of Provident Financial Services by 6.7% during the second quarter. Mutual of America Capital Management LLC now owns 10,308 shares of the savings and loans company’s stock valued at $236,000 after purchasing an additional 646 shares during the last quarter. Profund Advisors LLC lifted its holdings in shares of Provident Financial Services by 7.6% during the second quarter. Profund Advisors LLC now owns 9,984 shares of the savings and loans company’s stock valued at $229,000 after purchasing an additional 701 shares during the last quarter. Finally, CWM Advisors LLC lifted its holdings in shares of Provident Financial Services by 3.1% during the second quarter. CWM Advisors LLC now owns 23,826 shares of the savings and loans company’s stock valued at $545,000 after purchasing an additional 722 shares during the last quarter. Institutional investors and hedge funds own 61.39% of the company’s stock.

Shares of PFS opened at $25.17 on Thursday. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 11.29 and a beta of 1.01. The business’s fifty day simple moving average is $24.43 and its two-hundred day simple moving average is $23.53. Provident Financial Services, Inc. has a 12 month low of $15.61 and a 12 month high of $25.98. The company has a current ratio of 0.92, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, October 28th. The savings and loans company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Provident Financial Services had a return on equity of 10.34% and a net margin of 35.12%. The firm had revenue of $99.59 million for the quarter, compared to the consensus estimate of $113.23 million. During the same period in the prior year, the company posted $0.37 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, research analysts forecast that Provident Financial Services, Inc. will post 2.15 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 26th. Shareholders of record on Friday, November 12th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, November 10th. This represents a $0.96 annualized dividend and a yield of 3.81%. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.23. Provident Financial Services’s dividend payout ratio is currently 43.05%.

In related news, EVP James A. Christy sold 3,000 shares of the stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $21.93, for a total transaction of $65,790.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.96% of the company’s stock.

Several equities analysts have recently issued reports on PFS shares. Zacks Investment Research lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, October 5th. Barclays reiterated an “overweight” rating on shares of Provident Financial Services in a report on Thursday, August 12th.

About Provident Financial Services

Provident Financial Services, Inc is a holding company, which engages in the provision of banking services to individual and corporate customers in Northern and Central New Jersey and Eastern Pennsylvania. The company was founded on January 15, 2003 and is headquartered in Jersey City, NJ.

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

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