Geode Capital Management LLC Grows Stake in Provident Financial Services, Inc. (NYSE:PFS)

Geode Capital Management LLC boosted its stake in Provident Financial Services, Inc. (NYSE:PFS) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,947,394 shares of the savings and loans company’s stock after buying an additional 53,943 shares during the quarter. Geode Capital Management LLC owned approximately 2.26% of Provident Financial Services worth $54,715,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Provident Financial Services by 51.6% during the second quarter. Dimensional Fund Advisors LP now owns 7,787,088 shares of the savings and loans company’s stock valued at $111,740,000 after acquiring an additional 2,649,643 shares during the last quarter. State Street Corp raised its stake in Provident Financial Services by 10.2% in the 3rd quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock valued at $142,605,000 after purchasing an additional 713,688 shares during the last quarter. Hsbc Holdings PLC raised its stake in Provident Financial Services by 4,245.5% in the 2nd quarter. Hsbc Holdings PLC now owns 3,996,954 shares of the savings and loans company’s stock valued at $56,877,000 after purchasing an additional 3,904,975 shares during the last quarter. American Century Companies Inc. lifted its holdings in Provident Financial Services by 9.7% in the 2nd quarter. American Century Companies Inc. now owns 2,550,462 shares of the savings and loans company’s stock valued at $36,599,000 after purchasing an additional 225,839 shares in the last quarter. Finally, Systematic Financial Management LP boosted its stake in Provident Financial Services by 11.7% during the 3rd quarter. Systematic Financial Management LP now owns 1,888,623 shares of the savings and loans company’s stock worth $35,053,000 after purchasing an additional 198,468 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $19.06 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The stock has a market cap of $2.49 billion, a P/E ratio of 18.33 and a beta of 1.06. The company has a 50-day moving average price of $20.23 and a 200 day moving average price of $18.09. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $22.24.

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

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date was Friday, November 15th. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Insider Buying and Selling

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction 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 $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Wall Street Analyst Weigh In

PFS has been the topic of several research reports. Hovde Group initiated coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target on the stock. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Finally, DA Davidson upped their price target on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.