Beacon Investment Advisory Services Inc. Sells 10,001 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Beacon Investment Advisory Services Inc. decreased its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 5.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 181,996 shares of the savings and loans company’s stock after selling 10,001 shares during the period. Beacon Investment Advisory Services Inc. owned about 0.14% of Provident Financial Services worth $3,378,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PFS. Signaturefd LLC boosted its holdings in Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,685 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after purchasing an additional 1,218 shares during the last quarter. International Assets Investment Management LLC grew its stake 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 purchasing an additional 7,457 shares during the period. Haverford Trust Co purchased a new stake in shares of Provident Financial Services during the 3rd quarter valued at $187,000. Finally, Signature Estate & Investment Advisors LLC bought a new stake in Provident Financial Services in the second quarter worth about $163,000. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Price Performance

PFS stock opened at $21.12 on Monday. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.31 and a beta of 1.03. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $22.24. The firm’s 50-day moving average price is $19.61 and its two-hundred day moving average price is $17.52. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share 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 company had revenue of $349.38 million during the quarter, compared to the consensus estimate of $211.25 million. During the same quarter last year, the firm earned $0.38 EPS. As a group, equities analysts predict that Provident Financial Services, Inc. will post 1.84 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.24 per share. The ex-dividend date was Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.55%. Provident Financial Services’s dividend payout ratio (DPR) is currently 92.31%.

Wall Street Analyst Weigh In

PFS has been the topic of several research reports. DA Davidson boosted their target price on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Provident Financial Services from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. Finally, StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Provident Financial Services Company 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.