Cornercap Investment Counsel Inc. Has $620,000 Position in Provident Financial Services, Inc. (NYSE:PFS)

Cornercap Investment Counsel Inc. trimmed its position in Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 50.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,427 shares of the savings and loans company's stock after selling 33,748 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Provident Financial Services were worth $620,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Haverford Trust Co bought a new stake in Provident Financial Services in the 3rd quarter valued at approximately $187,000. Victory Capital Management Inc. raised its holdings in shares of Provident Financial Services by 477.4% in the third quarter. Victory Capital Management Inc. now owns 156,240 shares of the savings and loans company's stock valued at $2,900,000 after purchasing an additional 129,183 shares during the last quarter. Aigen Investment Management LP lifted its position in shares of Provident Financial Services by 6.5% in the third quarter. Aigen Investment Management LP now owns 20,616 shares of the savings and loans company's stock worth $383,000 after purchasing an additional 1,257 shares in the last quarter. Chartwell Investment Partners LLC acquired a new position in Provident Financial Services during the third quarter worth $5,564,000. Finally, Forum Financial Management LP acquired a new position in Provident Financial Services during the third quarter worth $217,000. 71.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Provident Financial Services

In other news, EVP Vito Giannola sold 5,499 shares of Provident Financial Services stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the completion of the sale, the executive vice president now owns 88,656 shares of the company's stock, valued at approximately $1,603,787.04. This trade represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.29% of the company's stock.

Provident Financial Services Stock Performance

NYSE PFS traded up $0.22 during trading on Friday, reaching $21.40. 637,637 shares of the company's stock were exchanged, compared to its average volume of 884,330. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $2.79 billion, a P/E ratio of 20.58 and a beta of 1.03. Provident Financial Services, Inc. has a fifty-two week low of $13.07 and a fifty-two week high of $22.23. The business has a 50 day moving average price of $19.06 and a 200-day moving average price of $17.11.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the business earned $0.38 EPS. Sell-side analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid 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 yield of 4.49%. Provident Financial Services's dividend payout ratio (DPR) is currently 92.31%.

Analyst Upgrades and Downgrades

PFS has been the topic of several analyst reports. DA Davidson boosted their price target 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. Keefe, Bruyette & Woods raised Provident Financial Services from a "market perform" rating to an "outperform" rating and increased their price target for the company from $20.00 to $21.00 in a research report on Thursday, August 15th. StockNews.com downgraded Provident Financial Services from a "hold" rating to a "sell" rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada upped their price objective on Provident Financial Services from $18.00 to $21.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

About Provident Financial Services

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.