Assetmark Inc. Boosts Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Assetmark Inc. grew its stake in shares of Provident Financial Services, Inc. (NYSE:PFS – Get Rating) by 50.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,886 shares of the savings and loans company’s stock after buying an additional 632 shares during the quarter. Assetmark Inc.’s holdings in Provident Financial Services were worth $37,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its position in Provident Financial Services by 0.6% during the first quarter. BlackRock Inc. now owns 11,351,187 shares of the savings and loans company’s stock valued at $265,617,000 after acquiring an additional 70,302 shares during the period. Vanguard Group Inc. lifted its position in Provident Financial Services by 1.3% during the first quarter. Vanguard Group Inc. now owns 8,067,639 shares of the savings and loans company’s stock valued at $188,783,000 after buying an additional 107,224 shares in the last quarter. State Street Corp grew its stake in Provident Financial Services by 3.9% during the second quarter. State Street Corp now owns 3,256,311 shares of the savings and loans company’s stock worth $72,485,000 after buying an additional 122,534 shares during the period. Principal Financial Group Inc. grew its stake in Provident Financial Services by 17.8% during the second quarter. Principal Financial Group Inc. now owns 2,040,546 shares of the savings and loans company’s stock worth $45,423,000 after buying an additional 307,926 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Provident Financial Services by 60.2% in the 1st quarter. Invesco Ltd. now owns 1,073,084 shares of the savings and loans company’s stock valued at $25,110,000 after acquiring an additional 403,067 shares during the period. 65.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. DA Davidson cut their price objective on Provident Financial Services from $26.00 to $22.00 in a research report on Thursday, September 29th. Piper Sandler reduced their price target on Provident Financial Services to $24.00 in a research report on Wednesday, October 5th. Finally, StockNews.com started coverage on shares of Provident Financial Services in a research report on Wednesday, October 12th. They issued a “hold” rating for the company.

Insider Buying and Selling at Provident Financial Services

In related news, EVP Vito Giannola sold 1,716 shares of the company’s stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $21.87, for a total transaction of $37,528.92. Following the sale, the executive vice president now directly owns 94,030 shares of the company’s stock, valued at approximately $2,056,436.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Provident Financial Services news, EVP Vito Giannola sold 1,716 shares of the business’s stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $21.87, for a total transaction of $37,528.92. Following the completion of the sale, the executive vice president now owns 94,030 shares in the company, valued at $2,056,436.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP James A. Christy sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 25th. The stock was sold at an average price of $22.57, for a total transaction of $112,850.00. Following the completion of the transaction, the executive vice president now owns 19,128 shares in the company, valued at $431,718.96. The disclosure for this sale can be found here. 4.26% of the stock is currently owned by insiders.

Provident Financial Services Price Performance

Shares of NYSE PFS opened at $22.51 on Monday. Provident Financial Services, Inc. has a fifty-two week low of $19.18 and a fifty-two week high of $25.61. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.72. The firm has a market cap of $1.69 billion, a PE ratio of 10.33 and a beta of 0.95. The business has a 50 day moving average price of $21.89 and a two-hundred day moving average price of $22.36.

Provident Financial Services (NYSE:PFS – Get Rating) last posted its quarterly earnings data on Friday, October 28th. The savings and loans company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates of $0.58. The firm had revenue of $137.93 million for the quarter, compared to the consensus estimate of $125.90 million. Provident Financial Services had a net margin of 31.47% and a return on equity of 10.16%. Sell-side analysts expect that Provident Financial Services, Inc. will post 2.29 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 25th. Investors of record on Thursday, November 10th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.26%. The ex-dividend date was Wednesday, November 9th. Provident Financial Services’s dividend payout ratio is currently 44.04%.

Provident Financial Services Profile

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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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.