Cwm LLC Decreases Holdings in Provident Financial Services, Inc. (NYSE:PFS)

CWM LLC reduced its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 74.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,268 shares of the savings and loans company's stock after selling 50,192 shares during the quarter. CWM LLC's holdings in Provident Financial Services were worth $320,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PFS. Cetera Investment Advisers acquired a new stake in shares of Provident Financial Services in the second quarter valued at about $3,773,000. Truist Financial Corp purchased a new position in Provident Financial Services in the 2nd quarter valued at about $1,608,000. Point72 Asset Management L.P. boosted its holdings in Provident Financial Services by 244.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 28,900 shares of the savings and loans company's stock worth $415,000 after buying an additional 20,500 shares during the last quarter. Newport Capital Group LLC purchased a new stake in Provident Financial Services during the 2nd quarter worth approximately $199,000. Finally, Systematic Financial Management LP raised its holdings in shares of Provident Financial Services by 125.3% during the second quarter. Systematic Financial Management LP now owns 1,690,155 shares of the savings and loans company's stock valued at $24,254,000 after acquiring an additional 939,951 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company's stock.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of the company's stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the sale, the executive vice president now owns 88,656 shares in the company, valued at $1,603,787.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.29% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank of Canada boosted their price target on Provident Financial Services from $18.00 to $21.00 and gave the stock an "outperform" rating in a research report on Monday, July 29th. StockNews.com lowered shares of Provident Financial Services from a "hold" rating to a "sell" rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised shares of Provident Financial Services from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Provident Financial Services has an average rating of "Moderate Buy" and a consensus price target of $20.67.

Provident Financial Services Trading Up 1.0 %

Shares of Provident Financial Services stock traded up $0.18 during trading hours on Tuesday, hitting $18.79. The company's stock had a trading volume of 382,540 shares, compared to its average volume of 904,596. The firm has a fifty day moving average of $18.50 and a 200-day moving average of $16.43. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 17.73 and a beta of 1.03. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $19.97.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The savings and loans company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.39). Provident Financial Services had a return on equity of 4.95% and a net margin of 9.38%. The company had revenue of $141.51 million during the quarter, compared to analyst estimates of $148.60 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The business's revenue was up 42.8% compared to the same quarter last year. Research analysts forecast that Provident Financial Services, Inc. will post 1.72 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $0.24 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.96 annualized dividend and a dividend yield of 5.11%. Provident Financial Services's dividend payout ratio (DPR) is 90.57%.

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.