Mcdonald Partners LLC Sells 1,400 Shares of Provident Financial Services, Inc. (NYSE:PFS)


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Mcdonald Partners LLC trimmed its position in Provident Financial Services, Inc. (NYSE:PFS) by 12.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,436 shares of the savings and loans company’s stock after selling 1,400 shares during the period. Mcdonald Partners LLC’s holdings in Provident Financial Services were worth $210,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. raised its holdings in shares of Provident Financial Services by 24.7% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 57,238 shares of the savings and loans company’s stock worth $698,000 after purchasing an additional 11,320 shares during the period. Charles Schwab Investment Management Inc. grew its position in Provident Financial Services by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 624,700 shares of the savings and loans company’s stock worth $7,622,000 after acquiring an additional 87,283 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Provident Financial Services in the third quarter worth about $200,000. California State Teachers Retirement System increased its holdings in shares of Provident Financial Services by 18.8% in the third quarter. California State Teachers Retirement System now owns 109,504 shares of the savings and loans company’s stock worth $1,336,000 after buying an additional 17,300 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in Provident Financial Services by 156.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 99,592 shares of the savings and loans company’s stock valued at $1,215,000 after purchasing an additional 60,804 shares during the period. Institutional investors and hedge funds own 61.48% of the company’s stock.

PFS opened at $22.48 on Wednesday. The business’s 50-day simple moving average is $22.66 and its 200-day simple moving average is $18.33. The company has a market cap of $1.75 billion, a P/E ratio of 18.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.07. Provident Financial Services, Inc. has a one year low of $10.55 and a one year high of $24.20.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, January 29th. The savings and loans company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.17. The firm had revenue of $109.19 million during the quarter, compared to analysts’ expectations of $108.42 million. Provident Financial Services had a return on equity of 5.64% and a net margin of 19.45%. Provident Financial Services’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. As a group, analysts predict that Provident Financial Services, Inc. will post 1.18 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 26th. Stockholders of record on Friday, February 12th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Thursday, February 11th. Provident Financial Services’s dividend payout ratio (DPR) is presently 52.87%.

In other news, EVP James A. Christy sold 4,000 shares of the stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $23.37, for a total transaction of $93,480.00. Following the completion of the sale, the executive vice president now owns 27,227 shares in the company, valued at approximately $636,294.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

PFS has been the subject of a number of research reports. Royal Bank of Canada upgraded shares of Provident Financial Services from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $23.00 to $26.00 in a research note on Thursday, March 11th. Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Wednesday, February 3rd. Barclays restated an “overweight” rating on shares of Provident Financial Services in a research report on Monday, February 22nd. Finally, Boenning Scattergood downgraded Provident Financial Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $20.33.

Provident Financial Services Profile

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and 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 products.

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

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