Charles Schwab Investment Management Inc. Acquires 33,201 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Charles Schwab Investment Management Inc. grew its position in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,825,993 shares of the savings and loans company's stock after purchasing an additional 33,201 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.40% of Provident Financial Services worth $34,456,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new stake in Provident Financial Services during the 4th quarter valued at approximately $99,000. Smartleaf Asset Management LLC raised its position in shares of Provident Financial Services by 141.1% in 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 in the last quarter. US Bancorp DE boosted its position in shares of Provident Financial Services by 21.0% during the 4th quarter. US Bancorp DE now owns 23,057 shares of the savings and loans company's stock valued at $435,000 after purchasing an additional 4,006 shares in the last quarter. Versor Investments LP bought a new stake in Provident Financial Services in the fourth quarter worth approximately $564,000. Finally, Proficio Capital Partners LLC acquired a new position in Provident Financial Services in the fourth quarter valued at approximately $513,000. 71.97% of the stock is currently owned by institutional investors.

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Provident Financial Services Stock Down 0.8 %

NYSE PFS traded down $0.15 on Thursday, reaching $16.96. The company had a trading volume of 213,941 shares, compared to its average volume of 785,938. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $2.21 billion, a P/E ratio of 16.20 and a beta of 1.06. The company's fifty day moving average is $18.32 and its 200 day moving average is $19.04. Provident Financial Services, Inc. has a 52-week low of $13.07 and a 52-week high of $22.24.

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 earnings per share 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 anticipate that Provident Financial Services, Inc. will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services's payout ratio is 91.43%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price objective 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. 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 objective on the stock. Finally, StockNews.com raised Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Saturday, February 15th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average 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.