SG Americas Securities LLC Cuts Stock Position in Provident Financial Services, Inc. (NYSE:PFS)

SG Americas Securities LLC lessened its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 82.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,911 shares of the savings and loans company's stock after selling 33,002 shares during the period. SG Americas Securities LLC's holdings in Provident Financial Services were worth $128,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PFS. State Board of Administration of Florida Retirement System raised its position in shares of Provident Financial Services by 269.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 77,382 shares of the savings and loans company's stock worth $1,127,000 after purchasing an additional 56,410 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Provident Financial Services in the 2nd quarter worth approximately $6,990,000. Thrivent Financial for Lutherans lifted its position in Provident Financial Services by 37.8% in 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 acquiring an additional 61,179 shares in the last quarter. Foundry Partners LLC purchased a new position in shares of Provident Financial Services in the second quarter worth $2,613,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Provident Financial Services by 64.1% during the second quarter. Principal Financial Group Inc. now owns 643,356 shares of the savings and loans company's stock valued at $9,232,000 after purchasing an additional 251,311 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Price Performance

PFS stock traded down $0.37 during trading on Friday, reaching $18.68. The company's stock had a trading volume of 396,388 shares, compared to its average volume of 898,685. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.08. The company's fifty day moving average is $18.56 and its 200-day moving average is $16.51. The company has a market capitalization of $2.44 billion, a P/E ratio of 17.62 and a beta of 1.03. Provident Financial Services, Inc. has a 1 year low of $13.07 and a 1 year high of $19.97.

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

Analyst Ratings Changes

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

Insider Activity

In related news, EVP Vito Giannola sold 5,499 shares of the company's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total transaction of $99,476.91. Following the completion of the transaction, the executive vice president now owns 88,656 shares in the company, valued at approximately $1,603,787.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.29% of the company's stock.

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.