Hsbc Holdings PLC boosted its stake in Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,692,001 shares of the savings and loans company's stock after purchasing an additional 109,923 shares during the quarter. Hsbc Holdings PLC owned approximately 1.30% of Provident Financial Services worth $31,928,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. purchased a new stake in Provident Financial Services during the fourth quarter valued at about $55,000. Sterling Capital Management LLC raised its position in shares of Provident Financial Services by 805.9% in the 4th quarter. Sterling Capital Management LLC now owns 3,968 shares of the savings and loans company's stock worth $75,000 after acquiring an additional 3,530 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Provident Financial Services during the 4th quarter valued at $99,000. KBC Group NV lifted its holdings in shares of Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company's stock valued at $121,000 after purchasing an additional 1,848 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Provident Financial Services by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company's stock worth $142,000 after purchasing an additional 4,408 shares during 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 %
Provident Financial Services stock traded up $0.18 during trading hours on Thursday, reaching $16.55. The stock had a trading volume of 123,611 shares, compared to its average volume of 693,467. Provident Financial Services, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24. The business's 50 day moving average price is $16.60 and its 200-day moving average price is $18.55. 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 $2.16 billion, a price-to-earnings ratio of 15.75 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, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $208.76 million during the quarter, compared to analyst estimates of $206.86 million. Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. The company's revenue was up 82.4% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. Sell-side analysts anticipate that Provident Financial Services, Inc. will post 2.14 EPS for the current year.
Provident Financial Services Announces Dividend
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 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 dividend yield of 5.80%. Provident Financial Services's dividend payout ratio is currently 86.49%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Saturday, February 15th. Royal Bank of Canada lowered their price target 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 lowered their price target on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Provident Financial Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.
Check Out Our Latest Analysis on Provident Financial Services
About Provident Financial Services
(
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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