FJ Capital Management LLC Buys New Shares in Provident Financial Services, Inc. (NYSE:PFS)

FJ Capital Management LLC bought a new stake in Provident Financial Services, Inc. (NYSE:PFS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 52,957 shares of the savings and loans company's stock, valued at approximately $999,000.

Several other institutional investors also recently modified their holdings of the business. Barclays PLC lifted its stake in Provident Financial Services by 39.8% in the third quarter. Barclays PLC now owns 316,953 shares of the savings and loans company's stock valued at $5,883,000 after purchasing an additional 90,238 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Provident Financial Services by 55.4% in the third quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company's stock valued at $14,771,000 after purchasing an additional 283,879 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Provident Financial Services in the fourth quarter valued at approximately $5,026,000. Contravisory Investment Management Inc. purchased a new position in Provident Financial Services in the fourth quarter valued at approximately $268,000. Finally, Hennessy Advisors Inc. lifted its stake in Provident Financial Services by 6.3% in the fourth quarter. Hennessy Advisors Inc. now owns 170,000 shares of the savings and loans company's stock valued at $3,208,000 after purchasing an additional 10,000 shares during the last quarter. 71.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PFS shares. Keefe, Bruyette & Woods dropped their target price on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Royal Bank of Canada dropped their target price on 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. Finally, StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, February 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.25.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock traded down $0.07 during trading on Friday, hitting $17.13. The stock had a trading volume of 754,451 shares, compared to its average volume of 841,746. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 16.31 and a beta of 0.84. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $22.24. The business's 50-day moving average is $16.46 and its 200 day moving average is $18.43. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The firm had revenue of $208.76 million for 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 quarterly revenue was up 82.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.43 earnings per share. As a group, sell-side analysts anticipate that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.24 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.96 annualized dividend and a dividend yield of 5.60%. Provident Financial Services's payout ratio is currently 86.49%.

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.