Pinnacle Wealth Management Advisory Group LLC Buys Shares of 22,102 Provident Financial Services, Inc. (PFS)

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Pinnacle Wealth Management Advisory Group LLC bought a new stake in Provident Financial Services, Inc. (NYSE:PFS) during the fourth quarter, HoldingsChannel.com reports. The fund bought 22,102 shares of the savings and loans company’s stock, valued at approximately $533,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Chicago Equity Partners LLC acquired a new position in Provident Financial Services during the fourth quarter valued at approximately $433,000. Pinnacle Associates Ltd. acquired a new position in shares of Provident Financial Services during the fourth quarter worth $533,000. State Board of Administration of Florida Retirement System lifted its position in shares of Provident Financial Services by 7.8% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 67,636 shares of the savings and loans company’s stock worth $1,632,000 after purchasing an additional 4,913 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Provident Financial Services by 21.3% during the fourth quarter. Rhumbline Advisers now owns 186,835 shares of the savings and loans company’s stock worth $4,508,000 after purchasing an additional 32,775 shares in the last quarter. Finally, Xact Kapitalforvaltning AB lifted its position in shares of Provident Financial Services by 9.0% during the fourth quarter. Xact Kapitalforvaltning AB now owns 15,674 shares of the savings and loans company’s stock worth $378,000 after purchasing an additional 1,300 shares in the last quarter. 53.11% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on PFS shares. Sandler O’Neill raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Thursday, December 20th. Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a research report on Friday, October 26th. Finally, Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Friday, January 18th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Provident Financial Services presently has a consensus rating of “Hold” and a consensus target price of $27.50.

NYSE PFS opened at $27.59 on Tuesday. Provident Financial Services, Inc. has a 52 week low of $22.22 and a 52 week high of $29.12. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.09 and a current ratio of 1.08. The firm has a market cap of $2.28 billion, a PE ratio of 15.16, a PEG ratio of 1.78 and a beta of 0.56.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, February 1st. The savings and loans company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.06. Provident Financial Services had a net margin of 28.29% and a return on equity of 8.92%. The business had revenue of $92.95 million for the quarter, compared to analysts’ expectations of $89.83 million. During the same period in the previous year, the company posted $0.30 earnings per share. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Provident Financial Services, Inc. will post 1.92 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 28th. Investors of record on Friday, February 15th will be issued a $0.23 dividend. The ex-dividend date is Thursday, February 14th. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.21. This represents a $0.92 annualized dividend and a yield of 3.33%. Provident Financial Services’s dividend payout ratio is currently 46.15%.

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Provident Financial Services Profile

Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.

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Want to see what other hedge funds are holding PFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Provident Financial Services, Inc. (NYSE:PFS).

Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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