Cerity Partners LLC Acquires New Position in Provident Financial Services, Inc. (NYSE:PFS)

Cerity Partners LLC bought a new position in Provident Financial Services, Inc. (NYSE:PFS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 31,475 shares of the savings and loans company's stock, valued at approximately $592,000.

Several other institutional investors have also added to or reduced their stakes in the business. Federated Hermes Inc. purchased a new position in Provident Financial Services in the fourth quarter worth about $55,000. Steward Partners Investment Advisory LLC bought a new stake in Provident Financial Services during the 4th quarter worth approximately $99,000. KBC Group NV lifted its holdings in 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 in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Provident Financial Services by 141.1% in the fourth 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 period. Finally, Allworth Financial LP increased its stake in shares of 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 worth $151,000 after purchasing an additional 7,906 shares in the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Price Performance

Provident Financial Services stock traded down $0.59 during mid-day trading on Friday, reaching $16.29. 318,042 shares of the company's stock traded hands, compared to its average volume of 839,769. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $22.24. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 15.50 and a beta of 0.84. The stock has a 50 day moving average of $16.75 and a two-hundred day moving average of $18.60. The company has a quick ratio of 1.01, a current 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 Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing the consensus estimate 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 analysts forecast that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 5.89%. Provident Financial Services's payout ratio is presently 91.43%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PFS. 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 note on Saturday, February 15th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

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.