Orion Portfolio Solutions LLC Cuts Position in Provident Financial Services, Inc. (NYSE:PFS)

Orion Portfolio Solutions LLC trimmed its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 7.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 22,717 shares of the savings and loans company’s stock after selling 1,738 shares during the period. Orion Portfolio Solutions LLC’s holdings in Provident Financial Services were worth $422,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock valued at $27,000 after buying an additional 1,685 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Provident Financial Services by 43.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after purchasing an additional 1,218 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Provident Financial Services by 1,779.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after purchasing an additional 7,457 shares in the last quarter. Haverford Trust Co purchased a new stake in Provident Financial Services during the 3rd quarter valued at about $187,000. Finally, Signature Estate & Investment Advisors LLC bought a new stake in Provident Financial Services during the 2nd quarter valued at about $163,000. 71.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PFS has been the topic of several analyst reports. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. DA Davidson increased their target price on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Hovde Group started coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Provident Financial Services presently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

Provident Financial Services Stock Down 6.1 %

Shares of Provident Financial Services stock opened at $18.95 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 18.22 and a beta of 1.06. The company’s 50 day moving average is $20.22 and its 200 day moving average is $17.99.

Provident Financial Services (NYSE:PFS) last released 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 firm had revenue of $349.38 million for the quarter, compared to the consensus estimate of $211.25 million. During the same period in the previous year, the company earned $0.38 earnings per share. Research analysts anticipate that Provident Financial Services, Inc. will post 1.84 EPS for the current year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.24 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 5.07%. Provident Financial Services’s payout ratio is 92.31%.

Insider Buying and Selling at Provident Financial Services

In other news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the transaction, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. This trade represents a 9.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.29% 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.