Oliver Luxxe Assets LLC Acquires 2,762 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Oliver Luxxe Assets LLC raised its stake in Provident Financial Services, Inc. (NYSE:PFS) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 88,712 shares of the savings and loans company’s stock after buying an additional 2,762 shares during the quarter. Oliver Luxxe Assets LLC owned about 0.07% of Provident Financial Services worth $1,674,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. increased its holdings in Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after purchasing an additional 820 shares in the last quarter. International Assets Investment Management LLC lifted 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 valued at $146,000 after acquiring an additional 7,457 shares in the last quarter. Algert Global LLC acquired a new position in Provident Financial Services during the 2nd quarter worth approximately $178,000. Intech Investment Management LLC bought a new position in shares of Provident Financial Services during the 2nd quarter worth approximately $186,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Provident Financial Services in the second quarter worth $187,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Stock Performance

NYSE PFS traded down $0.18 during trading on Monday, reaching $18.75. 201,966 shares of the company’s stock were exchanged, compared to its average volume of 387,356. Provident Financial Services, Inc. has a fifty-two week low of $13.07 and a fifty-two week high of $22.24. The stock has a market capitalization of $2.45 billion, a P/E ratio of 18.03 and a beta of 1.06. The business has a 50 day moving average price of $20.18 and a 200-day moving average price of $18.44. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings data 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 company had revenue of $349.38 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the firm earned $0.38 earnings per share. Sell-side analysts forecast that Provident Financial Services, Inc. will post 1.84 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently disclosed 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 5.12%. The ex-dividend date was Friday, November 15th. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Insider Activity

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the stock in a transaction on Wednesday, December 11th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PFS. DA Davidson lifted their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Hovde Group initiated coverage on Provident Financial Services in a research report on Friday, December 13th. They set an “outperform” rating and a $25.00 price target for the company. Finally, StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Provident Financial Services has an average rating of “Moderate Buy” and an average 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.