Cresset Asset Management LLC Sells 5,634 Shares of Provident Financial Services, Inc $PFS

Cresset Asset Management LLC cut its position in Provident Financial Services, Inc (NYSE:PFS) by 6.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 75,729 shares of the savings and loans company’s stock after selling 5,634 shares during the period. Cresset Asset Management LLC’s holdings in Provident Financial Services were worth $1,300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. raised its stake in shares of Provident Financial Services by 5.2% in the first quarter. American Century Companies Inc. now owns 2,584,298 shares of the savings and loans company’s stock valued at $44,372,000 after buying an additional 127,897 shares during the period. Systematic Financial Management LP raised its stake in shares of Provident Financial Services by 4.6% during the 4th quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company’s stock valued at $37,292,000 after purchasing an additional 87,612 shares during the period. Hsbc Holdings PLC raised its stake in shares of Provident Financial Services by 6.9% during the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company’s stock valued at $31,928,000 after purchasing an additional 109,923 shares during the period. Basswood Capital Management L.L.C. raised its stake in shares of Provident Financial Services by 23.8% during the 4th quarter. Basswood Capital Management L.L.C. now owns 1,105,103 shares of the savings and loans company’s stock valued at $20,853,000 after purchasing an additional 212,395 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Provident Financial Services during the 1st quarter valued at $17,412,000. 71.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on PFS. DA Davidson boosted their price objective on Provident Financial Services from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods decreased their price objective on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Raymond James Financial began coverage on Provident Financial Services in a research note on Thursday, June 26th. They set a “strong-buy” rating and a $21.00 price objective on the stock. Finally, Hovde Group boosted their price objective on Provident Financial Services from $22.50 to $23.50 and gave the company an “outperform” rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to MarketBeat.com, Provident Financial Services currently has an average rating of “Buy” and a consensus price target of $22.70.

Insider Activity at Provident Financial Services

In other news, Chairman Christopher P. Martin sold 55,668 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total transaction of $950,252.76. Following the transaction, the chairman directly owned 601,050 shares in the company, valued at approximately $10,259,923.50. This represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $18.8650 on Thursday. The business has a 50-day simple moving average of $18.10 and a 200 day simple moving average of $17.43. Provident Financial Services, Inc has a 52 week low of $14.34 and a 52 week high of $22.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 10.66 and a beta of 0.89.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.50 by $0.05. The firm had revenue of $214.17 million for the quarter, compared to analyst estimates of $213.39 million. Provident Financial Services had a return on equity of 8.80% and a net margin of 16.97%.During the same period in the prior year, the company earned ($0.11) EPS. On average, research analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 15th. This represents a $0.96 annualized dividend and a dividend yield of 5.1%. Provident Financial Services’s dividend payout ratio is 54.24%.

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.