UBS Group AG Has $7.03 Million Position in Provident Financial Services, Inc $PFS

UBS Group AG reduced its stake in Provident Financial Services, Inc (NYSE:PFS) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 355,969 shares of the savings and loans company’s stock after selling 26,439 shares during the period. UBS Group AG’s holdings in Provident Financial Services were worth $7,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Key Capital Management INC acquired a new stake in shares of Provident Financial Services in the 4th quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 1,210 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Provident Financial Services in the 3rd quarter valued at approximately $58,000. Hillsdale Investment Management Inc. boosted its stake in shares of Provident Financial Services by 40.9% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company’s stock valued at $60,000 after purchasing an additional 900 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in shares of Provident Financial Services by 71.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,494 shares of the savings and loans company’s stock valued at $67,000 after purchasing an additional 1,454 shares in the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PFS has been the topic of several recent research reports. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. DA Davidson reiterated a “neutral” rating and set a $23.00 target price on shares of Provident Financial Services in a research report on Friday, May 1st. Piper Sandler initiated coverage on shares of Provident Financial Services in a research report on Monday, March 16th. They set an “overweight” rating and a $25.00 target price on the stock. Royal Bank Of Canada set a $25.00 target price on shares of Provident Financial Services in a research report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Provident Financial Services currently has a consensus rating of “Buy” and an average target price of $23.92.

Provident Financial Services Stock Down 0.2%

Shares of NYSE PFS opened at $21.69 on Wednesday. The company has a market capitalization of $2.83 billion, a P/E ratio of 9.23 and a beta of 0.80. Provident Financial Services, Inc has a 52-week low of $15.92 and a 52-week high of $23.98. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50 day moving average price is $21.64 and its 200-day moving average price is $20.95.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 EPS. Equities analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a $0.24 dividend. The ex-dividend date is Friday, May 15th. This represents a $0.96 annualized dividend and a dividend yield of 4.4%. Provident Financial Services’s payout ratio is currently 40.85%.

Provident Financial Services announced that its Board of Directors has approved a share buyback plan on Monday, January 26th that allows the company to buyback $2.81 million in shares. This buyback authorization allows the savings and loans company to reacquire up to 0.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer owned 109,262 shares in the company, valued at $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.02% of the stock is owned by corporate insiders.

Provident Financial Services Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.