Mendon Capital Advisors Corp Sells 50,000 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Mendon Capital Advisors Corp lessened its position in Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 20.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 200,000 shares of the savings and loans company's stock after selling 50,000 shares during the quarter. Provident Financial Services accounts for approximately 1.9% of Mendon Capital Advisors Corp's portfolio, making the stock its 17th largest holding. Mendon Capital Advisors Corp owned about 0.15% of Provident Financial Services worth $3,774,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its holdings in shares of Provident Financial Services by 6.9% during the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company's stock valued at $31,928,000 after buying an additional 109,923 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Provident Financial Services by 72.8% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,353 shares of the savings and loans company's stock valued at $761,000 after acquiring an additional 17,000 shares during the last quarter. MetLife Investment Management LLC grew its position in Provident Financial Services by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 76,839 shares of the savings and loans company's stock valued at $1,450,000 after acquiring an additional 4,167 shares during the last quarter. Forum Financial Management LP raised its stake in shares of Provident Financial Services by 18.6% during the fourth quarter. Forum Financial Management LP now owns 13,845 shares of the savings and loans company's stock worth $261,000 after acquiring an additional 2,176 shares in the last quarter. Finally, Mariner LLC lifted its holdings in shares of Provident Financial Services by 14.1% in the 4th quarter. Mariner LLC now owns 28,427 shares of the savings and loans company's stock worth $536,000 after acquiring an additional 3,506 shares during the last quarter. Institutional investors own 71.97% of the company's stock.

Provident Financial Services Trading Down 2.1 %

Shares of PFS traded down $0.36 during trading hours on Friday, reaching $16.52. 1,087,675 shares of the company traded hands, compared to its average volume of 842,178. 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 capitalization of $2.16 billion, a price-to-earnings ratio of 15.73 and a beta of 0.84. The company's fifty day moving average price is $16.75 and its two-hundred day moving average price is $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 posted its 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 return on equity of 5.60% and a net margin of 10.13%. Equities research analysts predict that Provident Financial Services, Inc. will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm 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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date is Friday, May 16th. Provident Financial Services's dividend payout ratio is presently 91.43%.

Analyst Upgrades and Downgrades

PFS has been the subject of a number of recent research reports. StockNews.com raised Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Saturday, February 15th. Royal Bank of Canada decreased their target price on shares of 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 equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Provident Financial Services currently has an average 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.