Cibc World Markets Corp Buys Shares of 11,783 Provident Financial Services, Inc. (NYSE:PFS)

Cibc World Markets Corp purchased a new position in Provident Financial Services, Inc. (NYSE:PFS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,783 shares of the savings and loans company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nomura Asset Management Co. Ltd. boosted its holdings in Provident Financial Services by 120.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after purchasing an additional 820 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Provident Financial Services during the 4th quarter valued at $99,000. KBC Group NV boosted its stake in shares of Provident Financial Services by 40.7% in the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after buying an additional 1,848 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Provident Financial Services by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company’s stock worth $142,000 after acquiring an additional 4,408 shares during the period. Finally, Allworth Financial LP increased its position in Provident Financial Services by 35,936.4% during the fourth quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock valued at $151,000 after acquiring an additional 7,906 shares during the last quarter. 71.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PFS shares. StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Saturday, February 15th. Royal Bank of Canada cut their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Finally, Hovde Group assumed coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services Stock Down 0.6 %

PFS stock opened at $17.34 on Thursday. The business’s 50-day moving average price is $18.17 and its 200-day moving average price is $18.99. The stock has a market cap of $2.26 billion, a P/E ratio of 16.51 and a beta of 1.06. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. On average, equities research analysts forecast that Provident Financial Services, Inc. will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a $0.24 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.96 dividend on an annualized basis and a yield of 5.54%. Provident Financial Services’s payout ratio is presently 91.43%.

Provident Financial Services Company Profile

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