Private Advisor Group LLC Purchases New Holdings in Provident Financial Services, Inc. (PFS)

Private Advisor Group LLC acquired a new position in shares of Provident Financial Services, Inc. (NYSE:PFS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,316 shares of the savings and loans company’s stock, valued at approximately $232,000.

A number of other hedge funds have also recently modified their holdings of PFS. Wells Fargo & Company MN lifted its holdings in shares of Provident Financial Services by 48.9% during the first quarter. Wells Fargo & Company MN now owns 369,095 shares of the savings and loans company’s stock worth $9,445,000 after buying an additional 121,204 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Provident Financial Services in the first quarter valued at $228,000. Victory Capital Management Inc. raised its stake in shares of Provident Financial Services by 252.9% in the first quarter. Victory Capital Management Inc. now owns 40,991 shares of the savings and loans company’s stock valued at $1,049,000 after purchasing an additional 29,375 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Provident Financial Services by 3.0% in the first quarter. Prudential Financial Inc. now owns 525,405 shares of the savings and loans company’s stock valued at $13,445,000 after purchasing an additional 15,490 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Provident Financial Services by 2.3% in the first quarter. Swiss National Bank now owns 110,000 shares of the savings and loans company’s stock valued at $2,815,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 65.15% of the company’s stock.

NYSE:PFS traded down $0.14 during trading hours on Friday, reaching $24.28. The company had a trading volume of 75,476 shares, compared to its average volume of 156,219. Provident Financial Services, Inc. has a one year low of $23.26 and a one year high of $29.12. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.87 and a beta of 0.80. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.10 and a quick ratio of 1.10.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.15). Provident Financial Services had a net margin of 23.56% and a return on equity of 7.46%. The company had revenue of $88.12 million during the quarter, compared to the consensus estimate of $87.99 million. During the same quarter last year, the company earned $0.38 earnings per share. The business’s revenue was up 5.1% on a year-over-year basis. Research analysts expect that Provident Financial Services, Inc. will post 1.64 EPS for the current fiscal year.

A number of research analysts recently commented on PFS shares. Sandler O’Neill restated a “hold” rating on shares of Provident Financial Services in a research note on Thursday, June 28th. Piper Jaffray Companies restated a “hold” rating and issued a $25.50 target price on shares of Provident Financial Services in a research note on Wednesday, August 1st. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a research note on Friday, July 27th. ValuEngine lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Zacks Investment Research lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, June 28th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $28.25.

In related news, Director James P. Dunigan purchased 1,000 shares of the stock in a transaction on Tuesday, July 31st. The shares were purchased at an average cost of $25.49 per share, for a total transaction of $25,490.00. Following the completion of the transaction, the director now directly owns 4,926 shares of the company’s stock, valued at approximately $125,563.74. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

About Provident Financial Services

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

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

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