Provident Financial Services, Inc. (NYSE:PFS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,429,910 shares of the savings and loans company's stock after selling 34,775 shares during the period. Bank of New York Mellon Corp owned about 1.10% of Provident Financial Services worth $26,982,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Provident Financial Services by 120.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company's stock worth $28,000 after purchasing an additional 820 shares during the last quarter. KBC Group NV increased its position in Provident Financial Services by 40.7% in the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company's stock worth $121,000 after buying an additional 1,848 shares during the period. Allworth Financial LP lifted its stake in Provident Financial Services by 35,936.4% in the fourth quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company's stock valued at $151,000 after buying an additional 7,906 shares during the last quarter. Haverford Trust Co acquired a new position in shares of Provident Financial Services during the third quarter valued at $187,000. Finally, Savant Capital LLC grew its position in shares of Provident Financial Services by 6.5% during the fourth quarter. Savant Capital LLC now owns 10,931 shares of the savings and loans company's stock worth $206,000 after acquiring an additional 664 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several brokerages recently weighed in on PFS. Hovde Group began coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They issued an "outperform" rating and a $25.00 price objective on the stock. StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, February 15th. DA Davidson increased their price objective on Provident Financial Services from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Finally, Royal Bank of Canada cut their target price 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.00.

Provident Financial Services Price Performance

Shares of NYSE PFS traded up $0.28 during mid-day trading on Wednesday, reaching $16.63. 347,160 shares of the company traded hands, compared to its average volume of 592,942. Provident Financial Services, Inc. has a fifty-two week low of $13.07 and a fifty-two week high of $22.24. The firm has a market cap of $2.17 billion, a PE ratio of 15.83 and a beta of 1.06. The stock has a fifty day simple moving average of $18.53 and a 200-day simple moving average of $19.13. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. Equities research analysts anticipate that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.96 annualized dividend and a dividend yield of 5.77%. Provident Financial Services's dividend payout ratio (DPR) is 91.43%.

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.