Insider Selling: Provident Financial Services, Inc (PFS) Director Sells 3,000 Shares of Stock

Provident Financial Services, Inc (NYSE:PFS) Director Edward Odonnell sold 3,000 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.30, for a total value of $81,900.00. Following the transaction, the director now owns 91,335 shares in the company, valued at $2,493,445.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, October 27th. The savings and loans company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Provident Financial Services had a return on equity of 7.61% and a net margin of 25.90%. The business had revenue of $85.32 million for the quarter, compared to the consensus estimate of $83.84 million. During the same quarter in the previous year, the company posted $0.36 earnings per share.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.94%. Provident Financial Services’s dividend payout ratio is 52.98%.

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Several hedge funds have recently modified their holdings of the company. Crossmark Global Holdings Inc. purchased a new position in shares of Provident Financial Services during the third quarter valued at $298,000. Kistler Tiffany Companies LLC purchased a new position in shares of Provident Financial Services during the third quarter valued at $1,662,000. Assenagon Asset Management S.A. purchased a new position in shares of Provident Financial Services during the third quarter valued at $1,807,000. Piedmont Investment Advisors LLC purchased a new position in shares of Provident Financial Services during the second quarter valued at $333,000. Finally, Sterling Capital Management LLC purchased a new position in shares of Provident Financial Services during the second quarter valued at $593,000. Institutional investors and hedge funds own 61.40% of the company’s stock.

A number of equities analysts have recently commented on PFS shares. Royal Bank Of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Provident Financial Services in a report on Friday, September 8th. DA Davidson started coverage on Provident Financial Services in a report on Friday, September 1st. They issued a “neutral” rating and a $25.00 price objective on the stock. Zacks Investment Research downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a report on Friday, October 27th. Finally, BidaskClub downgraded Provident Financial Services from a “sell” rating to a “strong sell” rating in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.80.

About Provident Financial Services

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. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

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