Principal Financial Group Inc. Sells 28,561 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Principal Financial Group Inc. decreased its stake in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 614,795 shares of the savings and loans company's stock after selling 28,561 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Provident Financial Services worth $11,411,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PFS. Forum Financial Management LP bought a new position in shares of Provident Financial Services in the third quarter worth approximately $217,000. US Bancorp DE raised its holdings in Provident Financial Services by 3,201.7% in the 3rd quarter. US Bancorp DE now owns 19,051 shares of the savings and loans company's stock worth $354,000 after acquiring an additional 18,474 shares during the last quarter. International Assets Investment Management LLC lifted its position in 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 valued at $146,000 after acquiring an additional 7,457 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Provident Financial Services during the 3rd quarter valued at $435,000. Finally, Oliver Luxxe Assets LLC bought a new stake in shares of Provident Financial Services in the 3rd quarter worth $1,595,000. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Stock Performance

Shares of Provident Financial Services stock traded down $0.24 during trading hours on Monday, reaching $21.16. 398,412 shares of the stock traded hands, compared to its average volume of 882,151. Provident Financial Services, Inc. has a one year low of $13.07 and a one year high of $22.23. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.58 and a beta of 1.03. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average price of $19.06 and a 200 day moving average price of $17.14.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its 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 the consensus estimate of $211.25 million. During the same quarter last year, the firm posted $0.38 earnings per share. On average, equities research analysts expect 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 announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.24 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.54%. Provident Financial Services's dividend payout ratio is currently 92.31%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Royal Bank of Canada upped their price target on Provident Financial Services from $18.00 to $21.00 and gave the company an "outperform" rating in a report on Monday, July 29th. DA Davidson raised their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a "buy" rating in a report on Friday. StockNews.com cut shares of Provident Financial Services from a "hold" rating to a "sell" rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Provident Financial Services from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $21.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to MarketBeat.com, Provident Financial Services presently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Insider Buying and Selling

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 88,656 shares in the company, valued at approximately $1,603,787.04. This trade represents a 5.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.29% of the stock is owned by insiders.

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.