Insider Buying: Provident Financial Services, Inc. (NYSE:PFS) CEO Acquires 868 Shares of Stock

Provident Financial Services, Inc. (NYSE:PFS) CEO Anthony J. Labozzetta bought 868 shares of the stock in a transaction on Monday, May 20th. The stock was purchased at an average cost of $15.95 per share, with a total value of $13,844.60. Following the completion of the purchase, the chief executive officer now directly owns 4,573 shares in the company, valued at approximately $72,939.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Provident Financial Services Stock Down 1.2 %

Shares of NYSE:PFS traded down $0.19 during midday trading on Thursday, hitting $15.42. 43,322 shares of the company’s stock traded hands, compared to its average volume of 905,967. Provident Financial Services, Inc. has a twelve month low of $13.21 and a twelve month high of $19.62. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $1.17 billion, a PE ratio of 9.77 and a beta of 1.04. The firm’s fifty day moving average price is $14.88 and its two-hundred day moving average price is $15.81.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, April 19th. The savings and loans company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The firm had revenue of $114.48 million for the quarter, compared to analyst estimates of $114.50 million. During the same quarter in the previous year, the business posted $0.54 EPS. The firm’s revenue was down 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that Provident Financial Services, Inc. will post 1.63 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a yield of 6.23%. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Analyst Ratings Changes

A number of brokerages have weighed in on PFS. Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a report on Tuesday, March 26th. TheStreet lowered shares of Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. DA Davidson upgraded shares of Provident Financial Services from a “neutral” rating to a “buy” rating and lifted their price target for the company from $15.00 to $20.00 in a report on Monday, April 22nd. Finally, Royal Bank of Canada lifted their target price on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.00.

Hedge Funds Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in PFS. TFO Wealth Partners LLC lifted its holdings in Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after buying an additional 2,101 shares in the last quarter. EntryPoint Capital LLC bought a new stake in shares of Provident Financial Services in the 1st quarter worth about $76,000. International Assets Investment Management LLC increased its position in shares of Provident Financial Services by 1,728.7% in the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after purchasing an additional 6,932 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Provident Financial Services in the 1st quarter worth about $149,000. Finally, Paloma Partners Management Co bought a new stake in shares of Provident Financial Services in the 1st quarter worth about $184,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company 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.