Sterling Financial Planning Inc. Lowers Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Sterling Financial Planning Inc. reduced its stake in Provident Financial Services, Inc. (NYSE:PFS) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,073 shares of the savings and loans company’s stock after selling 3,961 shares during the period. Sterling Financial Planning Inc.’s holdings in Provident Financial Services were worth $718,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PFS. Nomura Asset Management Co. Ltd. grew its position in 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 valued at $28,000 after purchasing an additional 820 shares during the last quarter. KBC Group NV increased its position in shares of Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 1,848 shares in the last quarter. International Assets Investment Management LLC raised its holdings 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 worth $146,000 after acquiring an additional 7,457 shares during the last quarter. Allworth Financial LP lifted its position in Provident Financial Services by 35,936.4% in the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock valued at $151,000 after acquiring an additional 7,906 shares in the last quarter. Finally, Haverford Trust Co purchased a new stake in Provident Financial Services during the 3rd quarter valued at $187,000. 71.97% of the stock is currently owned by institutional investors.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the sale, the executive vice president now owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.44% of the company’s stock.

Provident Financial Services Price Performance

Shares of NYSE:PFS opened at $18.52 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $2.42 billion, a PE ratio of 17.63 and a beta of 1.07. The firm’s 50 day moving average price is $19.01 and its 200-day moving average price is $19.10. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. Equities research analysts expect that Provident Financial Services, Inc. will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend is Friday, February 14th. Provident Financial Services’s payout ratio is 91.43%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PFS. Royal Bank of Canada decreased their price target on Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Hovde Group assumed coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They set an “outperform” rating and a $25.00 target price on the stock. DA Davidson lifted 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 note on Friday, November 15th. Finally, StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

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.