Ameriprise Financial Inc. Sells 27,413 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Ameriprise Financial Inc. reduced its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 6.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 386,840 shares of the savings and loans company's stock after selling 27,413 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.30% of Provident Financial Services worth $7,300,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Algert Global LLC raised its holdings in Provident Financial Services by 1,082.6% during the 4th quarter. Algert Global LLC now owns 146,592 shares of the savings and loans company's stock valued at $2,766,000 after buying an additional 134,196 shares during the last quarter. Jane Street Group LLC increased its position in Provident Financial Services by 65.5% during the 4th quarter. Jane Street Group LLC now owns 89,929 shares of the savings and loans company's stock valued at $1,697,000 after purchasing an additional 35,579 shares during the period. Aquatic Capital Management LLC purchased a new position in Provident Financial Services during the 4th quarter valued at $46,000. Price T Rowe Associates Inc. MD increased its position in Provident Financial Services by 10.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 84,741 shares of the savings and loans company's stock valued at $1,600,000 after purchasing an additional 8,190 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in Provident Financial Services during the 4th quarter valued at $505,000. 71.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PFS shares. Royal Bank of Canada reduced their price objective on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. Wall Street Zen upgraded shares of Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Saturday, February 15th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $24.25.

Provident Financial Services Stock Up 2.4%

Shares of Provident Financial Services stock traded up $0.39 during trading on Tuesday, hitting $16.89. The company's stock had a trading volume of 383,151 shares, compared to its average volume of 748,191. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01. The company has a fifty day simple moving average of $16.53 and a two-hundred day simple moving average of $18.25. The company has a market capitalization of $2.20 billion, a PE ratio of 16.09 and a beta of 0.84. Provident Financial Services, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $208.76 million during the quarter, compared to analyst estimates of $206.86 million. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Provident Financial Services's quarterly revenue was up 82.4% compared to the same quarter last year. During the same period last year, the business earned $0.43 EPS. Equities research analysts predict that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 5.68%. Provident Financial Services's dividend payout ratio is currently 86.49%.

About Provident Financial Services

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.