BNP Paribas Financial Markets reduced its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 57.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,603 shares of the savings and loans company's stock after selling 37,679 shares during the period. BNP Paribas Financial Markets' holdings in Provident Financial Services were worth $521,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. PL Capital Advisors LLC grew its stake in Provident Financial Services by 1,787.0% during the 4th quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company's stock worth $47,809,000 after purchasing an additional 2,399,351 shares in the last quarter. Norges Bank purchased a new position in shares of Provident Financial Services in the 4th quarter valued at about $7,225,000. Raymond James Financial Inc. acquired a new position in shares of Provident Financial Services during the fourth quarter worth about $6,994,000. Invesco Ltd. increased its stake in shares of Provident Financial Services by 37.7% during the fourth quarter. Invesco Ltd. now owns 878,493 shares of the savings and loans company's stock worth $16,577,000 after buying an additional 240,522 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Provident Financial Services by 23.2% in the fourth quarter. JPMorgan Chase & Co. now owns 980,654 shares of the savings and loans company's stock valued at $18,505,000 after acquiring an additional 184,799 shares in the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.
Provident Financial Services Stock Up 1.1%
PFS stock traded up $0.19 during midday trading on Thursday, reaching $16.78. 383,423 shares of the company were exchanged, compared to its average volume of 742,605. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01. Provident Financial Services, Inc. has a 1-year low of $13.07 and a 1-year high of $22.24. The stock's 50-day simple moving average is $16.51 and its 200 day simple moving average is $18.20. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 15.98 and a beta of 0.84.
Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. The company had revenue of $208.76 million for the quarter, compared to analysts' expectations of $206.86 million. During the same quarter last year, the company earned $0.43 earnings per share. The firm's revenue for the quarter was up 82.4% on a year-over-year basis. On average, equities analysts forecast that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.
Provident Financial Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 5.72%. Provident Financial Services's payout ratio is currently 86.49%.
Wall Street Analyst Weigh In
PFS has been the topic of several analyst reports. Wall Street Zen raised shares of Provident Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, February 15th. Royal Bank of Canada reduced their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $24.25.
Read Our Latest Research Report on Provident Financial Services
Provident Financial Services Profile
(
Free Report)
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.
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