Principal Financial Group Inc. Sells 28,561 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Principal Financial Group Inc. lowered its position in Provident Financial Services, Inc. (NYSE:PFS) by 4.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 614,795 shares of the savings and loans company’s stock after selling 28,561 shares during the period. Principal Financial Group Inc. owned 0.47% of Provident Financial Services worth $11,411,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its holdings in Provident Financial Services by 269.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 77,382 shares of the savings and loans company’s stock valued at $1,127,000 after buying an additional 56,410 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at about $6,990,000. Thrivent Financial for Lutherans boosted its position in shares of Provident Financial Services by 37.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 222,849 shares of the savings and loans company’s stock valued at $3,198,000 after purchasing an additional 61,179 shares in the last quarter. Foundry Partners LLC acquired a new stake in Provident Financial Services during the second quarter worth approximately $2,613,000. Finally, Rhumbline Advisers increased its holdings in Provident Financial Services by 68.4% in the second quarter. Rhumbline Advisers now owns 407,581 shares of the savings and loans company’s stock worth $5,849,000 after purchasing an additional 165,554 shares in the last quarter. 71.97% of the stock is owned by institutional investors.

Insider Activity at Provident Financial Services

In related news, EVP Vito Giannola sold 5,499 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total transaction of $99,476.91. Following the transaction, the executive vice president now directly owns 88,656 shares of the company’s stock, valued at $1,603,787.04. This trade represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.29% of the stock is owned by insiders.

Provident Financial Services Price Performance

Shares of PFS opened at $21.40 on Monday. The stock has a market cap of $2.79 billion, a P/E ratio of 20.58 and a beta of 1.03. The business’s fifty day moving average is $19.06 and its 200 day moving average is $17.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $22.23.

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

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.49%. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PFS. Royal Bank of Canada increased 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. Keefe, Bruyette & Woods raised shares of Provident Financial Services from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. StockNews.com downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Finally, DA Davidson increased their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

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.