Envestnet Portfolio Solutions Inc. Takes $375,000 Position in Provident Financial Services, Inc $PFS

Envestnet Portfolio Solutions Inc. bought a new stake in Provident Financial Services, Inc (NYSE:PFS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,415 shares of the savings and loans company’s stock, valued at approximately $375,000.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Provident Financial Services by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 649,485 shares of the savings and loans company’s stock valued at $11,152,000 after buying an additional 16,941 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Provident Financial Services by 447.3% in the 1st quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company’s stock valued at $26,000 after buying an additional 1,230 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Provident Financial Services in the 1st quarter valued at $242,000. EJF Capital LLC boosted its holdings in shares of Provident Financial Services by 50.6% in the 1st quarter. EJF Capital LLC now owns 221,335 shares of the savings and loans company’s stock valued at $3,800,000 after buying an additional 74,327 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Provident Financial Services in the 1st quarter valued at $311,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Stock Up 0.7%

Shares of Provident Financial Services stock opened at $18.81 on Thursday. The company has a market cap of $2.46 billion, a P/E ratio of 10.63 and a beta of 0.91. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.03 and a current ratio of 1.03. Provident Financial Services, Inc has a one year low of $14.34 and a one year high of $22.24. The firm has a fifty day moving average of $19.44 and a two-hundred day moving average of $17.97.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, February 17th. The savings and loans company reported $0.68 EPS for the quarter. The company had revenue of $114.54 million during the quarter. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. On average, analysts forecast that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Insiders Place Their Bets

In other Provident Financial Services news, EVP James A. Christy sold 3,000 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.90, for a total transaction of $59,700.00. Following the completion of the transaction, the executive vice president owned 39,633 shares in the company, valued at approximately $788,696.70. This represents a 7.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Pugliese sold 25,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $19.91, for a total transaction of $497,750.00. Following the transaction, the director owned 87,907 shares of the company’s stock, valued at approximately $1,750,228.37. The trade was a 22.14% decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PFS has been the subject of several research analyst reports. DA Davidson cut shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a report on Monday. Hovde Group upped their price target on shares of Provident Financial Services from $22.50 to $23.50 and gave the company an “outperform” rating in a research report on Friday, July 25th. Zacks Research downgraded shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Raymond James Financial started coverage on shares of Provident Financial Services in a research report on Thursday, June 26th. They issued a “strong-buy” rating and a $21.00 price target for the company. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and an average target price of $22.70.

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.