Comerica Bank Reduces Stock Position in Provident Financial Services, Inc. (NYSE:PFS)

Comerica Bank reduced its position in shares of Provident Financial Services, Inc. (NYSE:PFSGet Rating) by 10.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,273 shares of the savings and loans company’s stock after selling 6,925 shares during the period. Comerica Bank’s holdings in Provident Financial Services were worth $1,200,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PFS. Advisor Group Holdings Inc. boosted its holdings in shares of Provident Financial Services by 35.7% during the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock worth $42,000 after purchasing an additional 470 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Provident Financial Services by 19.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,296 shares of the savings and loans company’s stock worth $288,000 after buying an additional 1,986 shares in the last quarter. Citigroup Inc. raised its stake in Provident Financial Services by 6.4% in the first quarter. Citigroup Inc. now owns 67,130 shares of the savings and loans company’s stock worth $1,571,000 after buying an additional 4,031 shares in the last quarter. Natixis Advisors L.P. raised its stake in Provident Financial Services by 45.3% in the first quarter. Natixis Advisors L.P. now owns 15,646 shares of the savings and loans company’s stock worth $366,000 after buying an additional 4,877 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Provident Financial Services by 69.9% in the first quarter. Bank of Montreal Can now owns 36,093 shares of the savings and loans company’s stock worth $855,000 after buying an additional 14,853 shares in the last quarter. 65.22% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Provident Financial Services

In related news, EVP James A. Christy sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $22.57, for a total transaction of $112,850.00. Following the completion of the sale, the executive vice president now owns 19,128 shares of the company’s stock, valued at $431,718.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Vito Giannola sold 1,716 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,056,436.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James A. Christy sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $22.57, for a total transaction of $112,850.00. Following the sale, the executive vice president now directly owns 19,128 shares of the company’s stock, valued at approximately $431,718.96. The disclosure for this sale can be found here. 4.26% of the stock is owned by insiders.

Provident Financial Services Price Performance

Shares of NYSE PFS opened at $22.52 on Tuesday. 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 50 day simple moving average of $21.89 and a two-hundred day simple moving average of $22.36. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 10.33 and a beta of 0.95. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.95 and a current ratio of 0.95.

Provident Financial Services (NYSE:PFSGet Rating) last announced its earnings results on Friday, October 28th. The savings and loans company reported $0.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.58. Provident Financial Services had a net margin of 31.47% and a return on equity of 10.16%. The business had revenue of $137.93 million during the quarter, compared to the consensus estimate of $125.90 million. Analysts expect that Provident Financial Services, Inc. will post 2.29 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PFS shares. StockNews.com started coverage on shares of Provident Financial Services in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. DA Davidson decreased their price target on shares of Provident Financial Services from $26.00 to $22.00 in a research note on Thursday, September 29th. Finally, Piper Sandler decreased their price target on shares of Provident Financial Services to $24.00 in a research note on Wednesday, October 5th.

Provident Financial Services Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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