Northern Trust Corp Reduces Stake in Provident Financial Services, Inc. (NYSE:PFS)

Northern Trust Corp lowered its position in Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,434,635 shares of the savings and loans company's stock after selling 72,942 shares during the period. Northern Trust Corp owned approximately 1.10% of Provident Financial Services worth $27,072,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Provident Financial Services by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 14,605,199 shares of the savings and loans company's stock worth $275,600,000 after purchasing an additional 51,253 shares in the last quarter. PL Capital Advisors LLC boosted its position in Provident Financial Services by 1,787.0% in 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. American Century Companies Inc. boosted its position in Provident Financial Services by 3.4% in the 4th quarter. American Century Companies Inc. now owns 2,456,401 shares of the savings and loans company's stock worth $46,352,000 after purchasing an additional 81,617 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Provident Financial Services by 1.9% in the 4th 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 purchasing an additional 33,201 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in Provident Financial Services by 6.9% in the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company's stock worth $31,928,000 after purchasing an additional 109,923 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company's stock.

Provident Financial Services Trading Down 0.4%

Shares of NYSE:PFS opened at $17.13 on Monday. Provident Financial Services, Inc. has a 1 year low of $13.07 and a 1 year high of $22.24. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 16.31 and a beta of 0.84. 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 business's 50 day moving average price is $16.46 and its 200-day moving average price is $18.43.

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 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. The firm had revenue of $208.76 million during the quarter, compared to the consensus estimate of $206.86 million. During the same period in the prior year, the company earned $0.43 EPS. The firm's revenue was up 82.4% compared to the same quarter last year. On average, equities research analysts forecast that Provident Financial Services, Inc. will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Royal Bank of Canada lowered their price objective 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. StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, February 15th. Finally, Keefe, Bruyette & Woods decreased 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. 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, Provident Financial Services presently has a consensus rating of "Moderate Buy" and an average price target of $24.25.

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.

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