Wolverine Asset Management LLC Increases Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Wolverine Asset Management LLC grew its position in Provident Financial Services, Inc. (NYSE:PFS) by 105.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,280 shares of the savings and loans company’s stock after buying an additional 36,596 shares during the quarter. Wolverine Asset Management LLC owned 0.05% of Provident Financial Services worth $1,345,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in Provident Financial Services in the 3rd quarter valued at about $435,000. International Assets Investment Management LLC raised 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 last quarter. US Bancorp DE raised its stake in Provident Financial Services by 3,201.7% in the 3rd quarter. US Bancorp DE now owns 19,051 shares of the savings and loans company’s stock valued at $354,000 after purchasing an additional 18,474 shares during the last quarter. Forum Financial Management LP acquired a new position in Provident Financial Services in the 3rd quarter valued at about $217,000. Finally, Chartwell Investment Partners LLC acquired a new position in Provident Financial Services in the 3rd quarter valued at about $5,564,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Stock Down 1.1 %

PFS opened at $18.11 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 17.24 and a beta of 1.07. The business has a 50-day moving average of $18.92 and a two-hundred day moving average of $19.12. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $22.24.

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

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date is Friday, February 14th. Provident Financial Services’s payout ratio is currently 91.43%.

Insider Transactions at Provident Financial Services

In other news, EVP James A. Christy sold 3,500 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $20.88, for a total transaction of $73,080.00. Following the completion of the sale, the executive vice president now owns 34,254 shares in the company, valued at approximately $715,223.52. The trade was a 9.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. DA Davidson boosted their target price on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Hovde Group assumed coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price for the company. Royal Bank of Canada cut their target price on shares of 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. Finally, StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Provident Financial Services 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.