Provident Financial Services, Inc. (NYSE:PFS) Holdings Cut by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,738,466 shares of the savings and loans company's stock after selling 116,130 shares during the period. Wellington Management Group LLP owned about 1.33% of Provident Financial Services worth $32,805,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in Provident Financial Services by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,605,199 shares of the savings and loans company's stock worth $275,600,000 after acquiring an additional 51,253 shares during the period. PL Capital Advisors LLC raised its stake in Provident Financial Services by 1,787.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company's stock worth $47,809,000 after acquiring an additional 2,399,351 shares during the period. American Century Companies Inc. raised its stake in Provident Financial Services by 3.4% during the fourth quarter. American Century Companies Inc. now owns 2,456,401 shares of the savings and loans company's stock worth $46,352,000 after acquiring an additional 81,617 shares during the period. Systematic Financial Management LP raised its stake in Provident Financial Services by 4.6% during the fourth quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company's stock worth $37,292,000 after acquiring an additional 87,612 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Provident Financial Services by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,825,993 shares of the savings and loans company's stock worth $34,456,000 after acquiring an additional 33,201 shares during the period. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock traded up $0.38 on Tuesday, hitting $16.78. The company had a trading volume of 436,454 shares, compared to its average volume of 663,781. The business has a 50-day simple moving average of $16.48 and a 200-day simple moving average of $18.09. 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 company has a market cap of $2.19 billion, a PE ratio of 15.98 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 posted its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. The business had revenue of $208.76 million during the quarter, compared to analysts' expectations of $206.86 million. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. The business's revenue was up 82.4% on a year-over-year basis. During the same period last year, the firm posted $0.43 earnings per share. Research analysts expect that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date of this dividend was Friday, May 16th. Provident Financial Services's payout ratio is 86.49%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PFS shares. 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. Keefe, Bruyette & Woods dropped their price target on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.25.

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.