Systematic Financial Management LP grew its position in Provident Financial Services, Inc (NYSE:PFS) by 3.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 471,698 shares of the savings and loans company’s stock after buying an additional 17,223 shares during the period. Systematic Financial Management LP owned 0.71% of Provident Financial Services worth $11,972,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. First Manhattan Co. boosted its stake in Provident Financial Services by 29.3% in the 1st quarter. First Manhattan Co. now owns 4,850 shares of the savings and loans company’s stock worth $102,000 after purchasing an additional 1,100 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Provident Financial Services during the 2nd quarter valued at approximately $118,000. Ameritas Investment Partners Inc. purchased a new position in shares of Provident Financial Services during the 1st quarter valued at approximately $136,000. OppenheimerFunds Inc. acquired a new stake in Provident Financial Services during the 1st quarter worth $293,000. Finally, State of Alaska Department of Revenue boosted its stake in Provident Financial Services by 79.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 11,980 shares of the savings and loans company’s stock worth $304,000 after purchasing an additional 5,310 shares during the last quarter. Institutional investors own 61.61% of the company’s stock.
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Wednesday, August 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $30.00 target price on shares of Provident Financial Services in a research report on Friday, July 7th. ValuEngine lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Piper Jaffray Companies reiterated a “hold” rating and set a $25.50 price target on shares of Provident Financial Services in a research note on Friday, July 14th. Finally, BidaskClub lowered shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Provident Financial Services currently has an average rating of “Hold” and a consensus price target of $27.50.
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Shares of Provident Financial Services, Inc (PFS) opened at 24.90 on Friday. The stock has a 50 day moving average price of $24.95 and a 200 day moving average price of $25.19. The firm has a market capitalization of $1.60 billion, a P/E ratio of 17.17 and a beta of 1.00. Provident Financial Services, Inc has a 12-month low of $20.64 and a 12-month high of $28.92.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The business had revenue of $83.87 million for the quarter, compared to the consensus estimate of $81.24 million. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 EPS. Equities analysts anticipate that Provident Financial Services, Inc will post $1.49 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a $0.20 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Provident Financial Services’s previous quarterly dividend of $0.19. Provident Financial Services’s payout ratio is currently 54.79%.
Provident Financial Services Profile
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.
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