Invesco Ltd. Has $16.58 Million Stock Position in Provident Financial Services, Inc. (NYSE:PFS)

Invesco Ltd. increased its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 37.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 878,493 shares of the savings and loans company's stock after buying an additional 240,522 shares during the quarter. Invesco Ltd. owned 0.67% of Provident Financial Services worth $16,577,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in shares of Provident Financial Services during the 4th quarter worth approximately $55,000. Steward Partners Investment Advisory LLC bought a new position in Provident Financial Services in the fourth quarter worth $99,000. KBC Group NV increased its holdings in Provident Financial Services by 40.7% in the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company's stock valued at $121,000 after buying an additional 1,848 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Provident Financial Services by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company's stock worth $142,000 after acquiring an additional 4,408 shares during the period. Finally, Allworth Financial LP increased 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 acquiring an additional 7,906 shares during the period. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Price Performance

Provident Financial Services stock traded down $0.59 during trading hours on Friday, hitting $16.29. 318,042 shares of the stock were exchanged, 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 business's 50-day moving average is $16.75 and its two-hundred day moving average is $18.60. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $2.13 billion, a P/E ratio of 15.50 and a beta of 0.84.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its 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 research analysts expect that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

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

Analyst Upgrades and Downgrades

PFS has been the subject of a number of analyst reports. Royal Bank of Canada cut their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. StockNews.com raised Provident Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, February 15th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Provident Financial Services Profile

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.