Hennessy Advisors Inc. Raises Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Hennessy Advisors Inc. raised its stake in Provident Financial Services, Inc. (NYSE:PFS) by 6.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 170,000 shares of the savings and loans company’s stock after purchasing an additional 10,000 shares during the period. Hennessy Advisors Inc. owned 0.13% of Provident Financial Services worth $3,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC grew its stake in shares of Provident Financial Services by 4,245.5% during the second quarter. Hsbc Holdings PLC now owns 3,996,954 shares of the savings and loans company’s stock worth $56,877,000 after acquiring an additional 3,904,975 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Provident Financial Services by 51.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,787,088 shares of the savings and loans company’s stock worth $111,740,000 after purchasing an additional 2,649,643 shares in the last quarter. Wellington Management Group LLP grew its position in Provident Financial Services by 13,182.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock worth $34,421,000 after purchasing an additional 1,840,633 shares during the last quarter. Systematic Financial Management LP increased its stake in Provident Financial Services by 125.3% during the 2nd quarter. Systematic Financial Management LP now owns 1,690,155 shares of the savings and loans company’s stock valued at $24,254,000 after purchasing an additional 939,951 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Provident Financial Services by 10.2% in the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock worth $142,605,000 after buying an additional 713,688 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Stock Performance

NYSE PFS opened at $19.30 on Friday. The firm has a market capitalization of $2.52 billion, a P/E ratio of 18.56 and a beta of 1.08. The stock has a 50-day simple moving average of $20.00 and a two-hundred day simple moving average of $18.76. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. Provident Financial Services, Inc. has a fifty-two week low of $13.07 and a fifty-two week high of $22.24.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.11). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. The company had revenue of $349.38 million for the quarter, compared to analysts’ expectations of $211.25 million. During the same quarter in the prior year, the business posted $0.38 earnings per share. On average, equities analysts forecast that Provident Financial Services, Inc. will post 1.84 earnings per share for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.97%. The ex-dividend date was Friday, November 15th. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the transaction, the executive vice president now owns 34,254 shares of the company’s stock, valued at approximately $715,223.52. This represents a 9.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.44% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PFS has been the topic of several research reports. Hovde Group initiated coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price for the company. StockNews.com cut Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, January 9th. Finally, DA Davidson lifted their target price on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Provident Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

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.