Hsbc Holdings PLC Boosts Stake in Provident Financial Services, Inc. (NYSE:PFS)

Hsbc Holdings PLC raised its position in Provident Financial Services, Inc. (NYSE:PFS) by 4,245.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,996,954 shares of the savings and loans company’s stock after purchasing an additional 3,904,975 shares during the quarter. Hsbc Holdings PLC owned 3.06% of Provident Financial Services worth $56,877,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PFS. Texas Permanent School Fund Corp lifted its stake in Provident Financial Services by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 66,113 shares of the savings and loans company’s stock worth $963,000 after acquiring an additional 885 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Provident Financial Services by 7.4% during the first quarter. ProShare Advisors LLC now owns 14,856 shares of the savings and loans company’s stock worth $216,000 after purchasing an additional 1,020 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock valued at $58,000 after purchasing an additional 1,218 shares during the period. Illinois Municipal Retirement Fund grew its holdings in shares of Provident Financial Services by 3.9% in the first quarter. Illinois Municipal Retirement Fund now owns 43,930 shares of the savings and loans company’s stock valued at $640,000 after purchasing an additional 1,637 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Provident Financial Services by 991.2% during the 2nd quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after buying an additional 1,685 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $19.45 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.08. The company has a fifty day simple moving average of $18.07 and a 200-day simple moving average of $15.80. The stock has a market cap of $2.54 billion, a P/E ratio of 12.16 and a beta of 1.04. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $19.59.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.39). Provident Financial Services had a return on equity of 4.95% and a net margin of 9.38%. The business had revenue of $141.51 million for the quarter, compared to analysts’ expectations of $148.60 million. During the same period last year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 42.8% on a year-over-year basis. Equities analysts expect that Provident Financial Services, Inc. will post 1.72 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.24 per share. The ex-dividend date was Friday, August 16th. This represents a $0.96 annualized dividend and a dividend yield of 4.94%. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Analyst Ratings Changes

PFS has been the subject of several research reports. StockNews.com downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised Provident Financial Services from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. Finally, Royal Bank of Canada upped their price target on Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.67.

Insider Activity at Provident Financial Services

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total value of $99,476.91. Following the completion of the transaction, the executive vice president now owns 88,656 shares in the company, valued at $1,603,787.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.