Panagora Asset Management Inc. Has $542,000 Holdings in Provident Financial Services, Inc $PFS

Panagora Asset Management Inc. lessened its position in Provident Financial Services, Inc (NYSE:PFS) by 70.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,930 shares of the savings and loans company’s stock after selling 73,147 shares during the quarter. Panagora Asset Management Inc.’s holdings in Provident Financial Services were worth $542,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new stake in shares of Provident Financial Services in the first quarter worth $242,000. EJF Capital LLC lifted its stake in Provident Financial Services by 50.6% in the 1st quarter. EJF Capital LLC now owns 221,335 shares of the savings and loans company’s stock worth $3,800,000 after acquiring an additional 74,327 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Provident Financial Services by 14.8% during the 1st quarter. Bridgeway Capital Management LLC now owns 452,258 shares of the savings and loans company’s stock worth $7,765,000 after acquiring an additional 58,462 shares during the period. Bank of New York Mellon Corp grew its stake in Provident Financial Services by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,402,478 shares of the savings and loans company’s stock valued at $24,585,000 after acquiring an additional 22,986 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Provident Financial Services by 30.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company’s stock valued at $50,000 after purchasing an additional 667 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO George Lista sold 8,262 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $18.35, for a total value of $151,607.70. Following the transaction, the chief executive officer directly owned 108,656 shares of the company’s stock, valued at approximately $1,993,837.60. This trade represents a 7.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James A. Christy sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.90, for a total value of $59,700.00. Following the completion of the sale, the executive vice president owned 39,633 shares of the company’s stock, valued at approximately $788,696.70. This trade represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 36,262 shares of company stock valued at $709,058. Insiders own 3.10% of the company’s stock.

Provident Financial Services Price Performance

NYSE PFS opened at $20.03 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $2.62 billion, a PE ratio of 10.22 and a beta of 0.88. Provident Financial Services, Inc has a 12-month low of $14.34 and a 12-month high of $20.95. The company has a 50 day moving average price of $18.91 and a two-hundred day moving average price of $18.54.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share for the quarter. Provident Financial Services had a net margin of 18.76% and a return on equity of 9.62%. The business had revenue of $114.54 million for the quarter. As a group, equities analysts predict that Provident Financial Services, Inc will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Friday, November 14th. Provident Financial Services’s dividend payout ratio is 48.98%.

Wall Street Analyst Weigh In

Several research firms recently commented on PFS. Zacks Research cut shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. DA Davidson lowered shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Provident Financial Services in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $22.70.

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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.