KBC Group NV Raises Holdings in Provident Financial Services, Inc. (NYSE:PFS)

KBC Group NV lifted its position in shares of Provident Financial Services, Inc. (NYSE:PFS) by 40.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,387 shares of the savings and loans company’s stock after purchasing an additional 1,848 shares during the period. KBC Group NV’s holdings in Provident Financial Services were worth $121,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of Provident Financial Services by 13,182.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock valued at $34,421,000 after purchasing an additional 1,840,633 shares in the last quarter. State Street Corp lifted its holdings in shares of Provident Financial Services by 10.2% during the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock valued at $142,605,000 after purchasing an additional 713,688 shares during the last quarter. Basswood Capital Management L.L.C. lifted its holdings in shares of Provident Financial Services by 87.3% during the third quarter. Basswood Capital Management L.L.C. now owns 892,708 shares of the savings and loans company’s stock valued at $16,569,000 after purchasing an additional 416,020 shares during the last quarter. Chartwell Investment Partners LLC bought a new stake in shares of Provident Financial Services in the 3rd quarter worth approximately $5,564,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Provident Financial Services by 55.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock worth $14,771,000 after buying an additional 283,879 shares during the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP James A. Christy sold 3,500 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the sale, the executive vice president now owns 34,254 shares of the company’s stock, valued at $715,223.52. This represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.44% of the company’s stock.

Provident Financial Services Stock Down 1.9 %

Shares of PFS stock opened at $19.22 on Friday. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 18.30 and a beta of 1.07. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01. The company’s fifty day moving average price is $19.34 and its 200-day moving average price is $19.06. Provident Financial Services, Inc. has a one year low of $13.07 and a one year high of $22.24.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS 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%. Sell-side analysts expect that Provident Financial Services, Inc. will post 2.09 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.99%. The ex-dividend date of this dividend is Friday, February 14th. Provident Financial Services’s dividend payout ratio is presently 91.43%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PFS. StockNews.com cut Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday. Royal Bank of Canada cut their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. DA Davidson boosted their price target on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Hovde Group initiated coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, Provident Financial Services has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services Company 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.