Provident Financial Services, Inc $PFS Position Lowered by Vanguard Group Inc.

Vanguard Group Inc. decreased its stake in shares of Provident Financial Services, Inc (NYSE:PFS) by 1.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 14,266,934 shares of the savings and loans company’s stock after selling 192,219 shares during the quarter. Vanguard Group Inc. owned 0.11% of Provident Financial Services worth $281,772,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PFS. Key Capital Management INC bought a new position in shares of Provident Financial Services during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its holdings in Provident Financial Services by 358.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 1,210 shares during the last quarter. Danske Bank A S bought a new position in Provident Financial Services in the third quarter worth about $58,000. Hillsdale Investment Management Inc. lifted its holdings in Provident Financial Services by 40.9% in the third quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company’s stock worth $60,000 after acquiring an additional 900 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in Provident Financial Services by 71.3% in the third quarter. Hantz Financial Services Inc. now owns 3,494 shares of the savings and loans company’s stock worth $67,000 after acquiring an additional 1,454 shares during the last quarter. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Price Performance

NYSE PFS opened at $22.40 on Friday. Provident Financial Services, Inc has a 12 month low of $15.92 and a 12 month high of $23.98. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $2.93 billion, a PE ratio of 9.53 and a beta of 0.80. The company’s 50 day simple moving average is $21.58 and its 200 day simple moving average is $20.77.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The business had revenue of $225.20 million for the quarter, compared to analyst estimates of $225.62 million. During the same quarter last year, the business earned $0.49 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts forecast that Provident Financial Services, Inc will post 2.36 EPS for the current fiscal year.

Provident Financial Services declared that its board has approved a share buyback plan on Monday, January 26th that authorizes the company to buyback $2.81 million in outstanding shares. This buyback authorization authorizes the savings and loans company to buy up to 0.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, May 15th. Provident Financial Services’s dividend payout ratio (DPR) is currently 40.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PFS shares. Keefe, Bruyette & Woods raised their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Weiss Ratings raised shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Royal Bank Of Canada set a $25.00 target price on shares of Provident Financial Services in a report on Thursday, January 29th. DA Davidson reissued a “neutral” rating and issued a $23.00 target price on shares of Provident Financial Services in a report on Friday, May 1st. Finally, Piper Sandler started coverage on shares of Provident Financial Services in a report on Monday, March 16th. They issued an “overweight” rating and a $25.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Provident Financial Services has a consensus rating of “Buy” and an average target price of $23.92.

About Provident Financial Services

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.