Allianz Asset Management GmbH increased its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 19.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 21,916 shares of the savings and loans company’s stock after acquiring an additional 3,591 shares during the period. Allianz Asset Management GmbH’s holdings in Provident Financial Services were worth $561,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PFS. Asset Management One Co. Ltd. acquired a new stake in Provident Financial Services during the first quarter worth approximately $129,000. SG Americas Securities LLC acquired a new stake in Provident Financial Services during the first quarter worth approximately $228,000. Algert Global LLC acquired a new stake in Provident Financial Services during the first quarter worth approximately $271,000. Koch Industries Inc. acquired a new stake in Provident Financial Services during the fourth quarter worth approximately $282,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in Provident Financial Services during the fourth quarter worth approximately $296,000. 64.43% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on the company. ValuEngine raised Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Sandler O’Neill cut Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. They noted that the move was a valuation call. Zacks Investment Research cut Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, June 28th. Finally, Boenning Scattergood reaffirmed a “neutral” rating on shares of Provident Financial Services in a research note on Friday, June 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $28.42.
Shares of Provident Financial Services opened at $27.97 on Wednesday, Marketbeat.com reports. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.24. Provident Financial Services, Inc. has a 52 week low of $23.26 and a 52 week high of $29.12. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 1.89 and a beta of 0.98.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Friday, April 27th. The savings and loans company reported $0.43 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.43. Provident Financial Services had a return on equity of 7.89% and a net margin of 25.30%. The firm had revenue of $86.58 million during the quarter, compared to analysts’ expectations of $86.38 million. During the same quarter last year, the firm posted $0.37 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. research analysts predict that Provident Financial Services, Inc. will post 1.82 EPS for the current year.
In other Provident Financial Services news, Director Carlos Hernandez sold 3,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $27.93, for a total value of $100,548.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.00% of the company’s stock.
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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