Assenagon Asset Management S.A. Has $19.77 Million Holdings in Provident Financial Services, Inc $PFS

Assenagon Asset Management S.A. boosted its stake in Provident Financial Services, Inc (NYSE:PFS) by 18.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 934,311 shares of the savings and loans company’s stock after purchasing an additional 147,139 shares during the quarter. Assenagon Asset Management S.A. owned about 0.71% of Provident Financial Services worth $19,770,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Provident Financial Services by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,814,194 shares of the savings and loans company’s stock valued at $154,331,000 after buying an additional 125,104 shares in the last quarter. State Street Corp increased its stake in Provident Financial Services by 0.6% during the 4th quarter. State Street Corp now owns 7,046,392 shares of the savings and loans company’s stock worth $139,166,000 after purchasing an additional 41,961 shares in the last quarter. Wellington Management Group LLP raised its holdings in Provident Financial Services by 5.5% during the 4th quarter. Wellington Management Group LLP now owns 6,710,987 shares of the savings and loans company’s stock worth $132,542,000 after buying an additional 351,889 shares during the period. American Century Companies Inc. lifted its stake in Provident Financial Services by 40.4% in the third quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company’s stock valued at $44,513,000 after buying an additional 664,021 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Provident Financial Services by 15.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,578,302 shares of the savings and loans company’s stock valued at $31,171,000 after buying an additional 216,567 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PFS. DA Davidson reissued a “neutral” rating and issued a $23.00 price target on shares of Provident Financial Services in a research note on Friday, May 1st. Stephens started coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 price target for the company. Piper Sandler initiated coverage on shares of Provident Financial Services in a research report on Monday, March 16th. They issued an “overweight” rating and a $25.00 price objective on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.42.

Insider Activity at Provident Financial Services

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.02% of the company’s stock.

Provident Financial Services Trading Up 0.1%

Shares of Provident Financial Services stock opened at $23.63 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. Provident Financial Services, Inc has a 12-month low of $17.40 and a 12-month high of $23.98. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 10.06 and a beta of 0.78. The firm’s 50-day moving average price is $22.52 and its two-hundred day moving average price is $21.68.

Provident Financial Services (NYSE:PFS) last released its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.06. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The firm had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $225.62 million. During the same period in the prior year, the company earned $0.49 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, May 15th. This represents a $0.96 annualized dividend and a dividend yield of 4.1%. Provident Financial Services’s dividend payout ratio is 40.85%.

Provident Financial Services Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.