JPMorgan Chase & Co. Has $14.77 Million Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

JPMorgan Chase & Co. increased its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 55.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 795,855 shares of the savings and loans company’s stock after purchasing an additional 283,879 shares during the period. JPMorgan Chase & Co.’s holdings in Provident Financial Services were worth $14,771,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. grew 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 buying an additional 820 shares during the period. International Assets Investment Management LLC grew its stake in shares of 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 worth $146,000 after acquiring an additional 7,457 shares in the last quarter. Algert Global LLC purchased a new position in shares of Provident Financial Services in the 2nd quarter worth approximately $178,000. Intech Investment Management LLC purchased a new position in shares of Provident Financial Services in the 2nd quarter worth about $186,000. Finally, Haverford Trust Co bought a new position in Provident Financial Services during the third quarter valued at $187,000. 71.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PFS. Hovde Group initiated coverage on Provident Financial Services in a report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target for the company. StockNews.com cut shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, DA Davidson raised their price objective on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of the business’s stock in a transaction dated 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. The trade was a 9.27 % decrease in their position. The sale 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 Stock Performance

Provident Financial Services stock opened at $17.98 on Friday. The firm has a fifty day simple moving average of $20.13 and a two-hundred day simple moving average of $18.57. 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 twelve month low of $13.07 and a twelve month high of $22.24. The company has a market capitalization of $2.35 billion, a PE ratio of 17.29 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last released its earnings results 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 company had revenue of $349.38 million during the quarter, compared to the consensus estimate of $211.25 million. During the same period last year, the firm posted $0.38 EPS. Research analysts expect that Provident Financial Services, Inc. will post 1.84 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 5.34%. The ex-dividend date was Friday, November 15th. Provident Financial Services’s dividend payout ratio is 92.31%.

Provident Financial Services 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.