Vanguard Group Inc. Boosts Stake in Provident Financial Services, Inc. (NYSE:PFS)

Vanguard Group Inc. increased its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 0.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,605,199 shares of the savings and loans company’s stock after purchasing an additional 51,253 shares during the quarter. Vanguard Group Inc. owned 11.19% of Provident Financial Services worth $275,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PFS. PL Capital Advisors LLC lifted its stake in Provident Financial Services by 1,787.0% during the 4th quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock valued at $47,809,000 after acquiring an additional 2,399,351 shares during the period. Wellington Management Group LLP lifted its position in Provident Financial Services by 13,182.2% during the third 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 during the period. State Street Corp boosted its holdings in Provident Financial Services by 10.2% in the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock worth $142,605,000 after purchasing an additional 713,688 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Provident Financial Services in the 4th quarter worth approximately $6,994,000. Finally, JPMorgan Chase & Co. raised its stake in Provident Financial Services by 55.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock valued at $14,771,000 after buying an additional 283,879 shares during the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock opened at $15.34 on Friday. The stock has a market cap of $2.00 billion, a P/E ratio of 14.61 and a beta of 1.06. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day moving average is $17.84 and its 200 day moving average is $18.92. 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 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 return on equity of 5.60% and a net margin of 10.13%. Sell-side analysts anticipate that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders 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 6.26%. Provident Financial Services’s payout ratio is currently 91.43%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada dropped their price target on 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. Hovde Group began coverage on Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Saturday, February 15th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services 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.