BlackRock Inc. lifted its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 3.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,069,971 shares of the savings and loans company’s stock after buying an additional 294,452 shares during the quarter. BlackRock Inc. owned approximately 12.13% of Provident Financial Services worth $217,648,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in shares of Provident Financial Services by 66.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,990 shares of the savings and loans company’s stock valued at $135,000 after buying an additional 2,000 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Provident Financial Services by 170.1% during the third quarter. Sei Investments Co. now owns 6,028 shares of the savings and loans company’s stock valued at $160,000 after acquiring an additional 3,796 shares during the last quarter. Calton & Associates Inc. acquired a new stake in shares of Provident Financial Services during the fourth quarter valued at $190,000. Telemus Capital LLC acquired a new stake in shares of Provident Financial Services during the fourth quarter valued at $206,000. Finally, CIBC Asset Management Inc acquired a new stake in Provident Financial Services in the 4th quarter worth about $217,000. 66.32% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Edward Odonnell sold 11,786 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $25.84, for a total transaction of $304,550.24. Following the completion of the transaction, the director now owns 71,549 shares of the company’s stock, valued at approximately $1,848,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by insiders.
Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, January 26th. The savings and loans company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The firm had revenue of $85.20 million during the quarter, compared to analysts’ expectations of $85.36 million. Provident Financial Services had a net margin of 24.75% and a return on equity of 7.61%. During the same quarter last year, the firm earned $0.35 EPS. research analysts anticipate that Provident Financial Services, Inc. will post 1.84 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Thursday, February 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.10%. Provident Financial Services’s dividend payout ratio is presently 54.79%.
A number of analysts have issued reports on the company. ValuEngine raised Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Boenning Scattergood reiterated a “hold” rating on shares of Provident Financial Services in a report on Monday, January 29th. Zacks Investment Research downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Friday, January 26th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $28.00 target price on shares of Provident Financial Services in a research report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.42.
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Provident Financial Services Company 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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