Hennion & Walsh Asset Management Inc. Lowers Stake in Provident Financial Services, Inc. (NYSE:PFS)

Hennion & Walsh Asset Management Inc. lowered its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 25.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 20,082 shares of the savings and loans company’s stock after selling 6,719 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Provident Financial Services were worth $379,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. boosted its position in shares of 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 during the period. International Assets Investment Management LLC boosted its position in shares of Provident Financial Services by 1,779.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after purchasing an additional 7,457 shares during the period. Haverford Trust Co purchased a new position in shares of Provident Financial Services during the 3rd quarter worth approximately $187,000. EP Wealth Advisors LLC purchased a new position in shares of Provident Financial Services during the 3rd quarter worth approximately $211,000. Finally, Forum Financial Management LP purchased a new position in shares of Provident Financial Services during the 3rd quarter worth approximately $217,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Insider Activity

In related news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the sale, the executive vice president now directly owns 34,254 shares in the company, valued at $715,223.52. This trade represents a 9.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.44% of the company’s stock.

Provident Financial Services Price Performance

Shares of PFS opened at $19.43 on Wednesday. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24. The firm’s fifty day simple moving average is $19.95 and its 200-day simple moving average is $18.85. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 18.68 and a beta of 1.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share 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 firm had revenue of $349.38 million during the quarter, compared to analyst estimates of $211.25 million. During the same quarter in the previous year, the business posted $0.38 earnings per share. Equities analysts forecast that Provident Financial Services, Inc. will post 1.84 EPS 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 $0.24 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.94%. Provident Financial Services’s payout ratio is 92.31%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PFS. Hovde Group began coverage on shares of Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 target price on the stock. StockNews.com lowered shares of Provident Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, January 9th. Finally, DA Davidson increased their target price on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Provident Financial Services presently 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.