KLP Kapitalforvaltning AS Acquires New Stake in Provident Financial Services, Inc. (NYSE:PFS)

KLP Kapitalforvaltning AS purchased a new stake 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 purchased 25,431 shares of the savings and loans company's stock, valued at approximately $480,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PFS. Savant Capital LLC increased 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 in the last quarter. CIBC Asset Management Inc increased its holdings in Provident Financial Services by 6.1% during the 4th quarter. CIBC Asset Management Inc now owns 13,422 shares of the savings and loans company's stock worth $253,000 after purchasing an additional 772 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of Provident Financial Services by 5.1% in the third quarter. Glenmede Trust Co. NA now owns 16,672 shares of the savings and loans company's stock valued at $309,000 after purchasing an additional 802 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Provident Financial Services by 120.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company's stock valued at $28,000 after buying an additional 820 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Provident Financial Services by 2.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 39,764 shares of the savings and loans company's stock valued at $750,000 after buying an additional 828 shares during the last quarter. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Stock Performance

Provident Financial Services stock traded down $0.36 during mid-day trading on Tuesday, reaching $14.96. The company's stock had a trading volume of 1,116,296 shares, compared to its average volume of 846,530. The company has a market capitalization of $1.95 billion, a P/E ratio of 14.24 and a beta of 0.84. The firm's fifty day moving average price is $17.61 and its two-hundred day moving average price is $18.84. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $22.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01.

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

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.42%. Provident Financial Services's dividend payout ratio (DPR) is currently 91.43%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PFS shares. StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Saturday, February 15th. Hovde Group started coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They set an "outperform" rating and a $25.00 price target on the stock. Finally, Royal Bank of Canada cut 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.