Provident Financial Services Inc. (PFS) Sees Unusually-High Trading Volume
Provident Financial Services Inc. (NYSE:PFS) saw an uptick in trading volume on Friday . 164,110 shares changed hands during trading, a decline of 24% from the previous session’s volume of 216,218 shares.The stock last traded at $20.15 and had previously closed at $20.21.
Separately, Zacks Investment Research upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Thursday, June 30th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Provident Financial Services has a consensus rating of “Buy” and an average target price of $20.75.
The stock’s 50 day moving average price is $19.76 and its 200-day moving average price is $19.51. The company has a market capitalization of $1.29 billion and a PE ratio of 15.19.
Provident Financial Services (NYSE:PFS) last announced its earnings results on Friday, April 29th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.01. During the same period in the previous year, the company earned $0.32 EPS. The company had revenue of $76 million for the quarter, compared to analysts’ expectations of $65.66 million. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts anticipate that Provident Financial Services Inc. will post $1.36 EPS for the current year.
In related news, EVP Michael A. Raimonde sold 29,557 shares of the stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $19.68, for a total value of $581,681.76. Following the completion of the transaction, the executive vice president now owns 45,418 shares in the company, valued at approximately $893,826.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carlos Hernandez sold 3,200 shares of the stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $20.34, for a total transaction of $65,088.00. Following the completion of the transaction, the director now owns 80,184 shares of the company’s stock, valued at approximately $1,630,942.56. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. bought a new position in shares of Provident Financial Services during the fourth quarter worth about $3,778,000. Principal Financial Group Inc. raised its position in shares of Provident Financial Services by 3.6% in the fourth quarter. Principal Financial Group Inc. now owns 1,071,414 shares of the company’s stock worth $21,589,000 after buying an additional 37,693 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Provident Financial Services by 14.9% in the fourth quarter. Nationwide Fund Advisors now owns 186,766 shares of the company’s stock worth $3,763,000 after buying an additional 24,261 shares in the last quarter. LSV Asset Management raised its position in shares of Provident Financial Services by 42.5% in the fourth quarter. LSV Asset Management now owns 71,428 shares of the company’s stock worth $1,439,000 after buying an additional 21,300 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Provident Financial Services by 4.7% in the fourth quarter. Comerica Bank now owns 129,209 shares of the company’s stock worth $2,412,000 after buying an additional 5,850 shares in the last quarter.
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank and operates 86 full-service branch offices in the New Jersey counties of Hudson, Bergen, Essex, Mercer, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Union and Warren, as well as in Bucks, Lehigh and Northampton counties in Pennsylvania.
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