Wedge Capital Management L L P NC increased its stake in Provident Financial Services Inc. (NYSE:PFS) by 2,035.5% during the second quarter, Holdings Channel reports. The institutional investor owned 392,726 shares of the company’s stock after buying an additional 374,336 shares during the period. Wedge Capital Management L L P NC’s holdings in Provident Financial Services were worth $17,626,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Provident Financial Services by 138.1% in the first quarter. BlackRock Inc. now owns 4,955 shares of the company’s stock valued at $100,000 after buying an additional 2,874 shares in the last quarter. Huntington Asset Advisors Inc. bought a new position in shares of Provident Financial Services during the first quarter valued at approximately $162,000. Pennsylvania Trust Co bought a new position in shares of Provident Financial Services during the second quarter valued at approximately $200,000. 1st Global Advisors Inc. raised its position in shares of Provident Financial Services by 0.4% in the second quarter. 1st Global Advisors Inc. now owns 14,010 shares of the company’s stock valued at $275,000 after buying an additional 54 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. bought a new position in shares of Provident Financial Services during the second quarter valued at approximately $344,000. Hedge funds and other institutional investors own 61.25% of the company’s stock.
Shares of Provident Financial Services Inc. (NYSE:PFS) traded up 1.29% during midday trading on Friday, reaching $21.13. 125,234 shares of the company traded hands. Provident Financial Services Inc. has a 12 month low of $17.71 and a 12 month high of $21.80. The company’s 50 day moving average is $21.15 and its 200-day moving average is $20.31. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 15.83 and a beta of 1.12.
Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, July 29th. The company reported $0.34 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.34. Provident Financial Services had a net margin of 24.06% and a return on equity of 7.00%. The firm earned $77.73 million during the quarter, compared to the consensus estimate of $70.14 million. During the same period last year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts forecast that Provident Financial Services Inc. will post $1.36 earnings per share for the current fiscal year.
Several brokerages have recently commented on PFS. Zacks Investment Research upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Thursday, June 30th. Sandler O’Neill lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a report on Tuesday, September 13th.
In other Provident Financial Services news, EVP John F. Kuntz sold 10,698 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $21.54, for a total transaction of $230,434.92. Following the completion of the transaction, the executive vice president now directly owns 79,312 shares in the company, valued at approximately $1,708,380.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Christopher P. Martin sold 27,267 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $21.31, for a total transaction of $581,059.77. Following the transaction, the chairman now owns 345,190 shares of the company’s stock, valued at $7,355,998.90. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.
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.