Raymond James Financial Inc. acquired a new stake in Provident Financial Services, Inc. (NYSE:PFS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 370,689 shares of the savings and loans company's stock, valued at approximately $6,994,000. Raymond James Financial Inc. owned 0.28% of Provident Financial Services as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC increased its position in Provident Financial Services by 39.8% during the 3rd quarter. Barclays PLC now owns 316,953 shares of the savings and loans company's stock worth $5,883,000 after purchasing an additional 90,238 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Provident Financial Services by 23.2% in the 4th quarter. JPMorgan Chase & Co. now owns 980,654 shares of the savings and loans company's stock valued at $18,505,000 after purchasing an additional 184,799 shares during the period. Charles Schwab Investment Management Inc. increased 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 valued at $34,456,000 after buying an additional 33,201 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Provident Financial Services in the 4th quarter valued at about $513,000. Finally, Assenagon Asset Management S.A. bought a new stake in Provident Financial Services during the 4th quarter worth approximately $5,026,000. Institutional investors own 71.97% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. Royal Bank of Canada dropped their price objective on Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating on the stock in a research note on Thursday, January 30th. Keefe, Bruyette & Woods decreased their target price on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Monday. Finally, StockNews.com upgraded shares of 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 assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.25.
Get Our Latest Stock Analysis on Provident Financial Services
Provident Financial Services Trading Down 0.5 %
NYSE PFS traded down $0.08 during mid-day trading on Tuesday, hitting $16.45. The company's stock had a trading volume of 28,912 shares, compared to its average volume of 839,174. Provident Financial Services, Inc. has a 52-week low of $13.07 and a 52-week high of $22.24. 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 firm has a market capitalization of $2.15 billion, a P/E ratio of 15.65 and a beta of 0.84. The stock's fifty day simple moving average is $16.67 and its two-hundred day simple moving average is $18.58.
Provident Financial Services (NYSE:PFS - Get Free Report) last posted its earnings results on Thursday, April 24th. The savings and loans company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. The firm 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%. Provident Financial Services's quarterly revenue was up 82.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. Research analysts expect 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. Shareholders of record on Friday, May 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.96 annualized dividend and a yield of 5.84%. Provident Financial Services's dividend payout ratio (DPR) is 86.49%.
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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