Prudential Financial Inc. lowered its stake in shares of Provident Financial Services, Inc. (NYSE:PFS - Free Report) by 21.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 347,477 shares of the savings and loans company's stock after selling 93,001 shares during the quarter. Prudential Financial Inc. owned about 0.27% of Provident Financial Services worth $6,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. increased 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 worth $28,000 after purchasing an additional 820 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Provident Financial Services in the fourth quarter worth about $99,000. KBC Group NV increased its holdings in shares of 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 acquiring an additional 1,848 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in 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 purchasing an additional 4,408 shares in the last quarter. Finally, Allworth Financial LP grew its position in Provident Financial Services by 35,936.4% during the 4th 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 during the last quarter. 71.97% of the stock is currently owned by institutional investors.
Provident Financial Services Stock Performance
NYSE:PFS traded down $0.93 during trading hours on Friday, reaching $15.08. The company had a trading volume of 66,008 shares, compared to its average volume of 838,811. The firm has a market cap of $1.97 billion, a PE ratio of 14.38 and a beta of 1.06. Provident Financial Services, Inc. has a 1-year low of $13.07 and a 1-year high of $22.24. The business's 50 day moving average price is $17.91 and its 200-day moving average price is $18.94. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01.
Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data 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 net margin of 10.13% and a return on equity of 5.60%. Research analysts forecast that Provident Financial Services, Inc. will post 2.14 EPS for the current year.
Provident Financial Services Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services's dividend payout ratio is currently 91.43%.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on PFS shares. Royal Bank of Canada dropped their price objective on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. StockNews.com upgraded shares of Provident Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, February 15th. Finally, Hovde Group assumed coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They set an "outperform" rating and a $25.00 price objective for the company. One 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $24.00.
Get Our Latest Analysis on Provident Financial Services
About Provident Financial Services
(
Free Report)
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.
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