HighTower Advisors LLC Decreases Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

HighTower Advisors LLC reduced its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 7.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 57,058 shares of the savings and loans company’s stock after selling 4,748 shares during the period. HighTower Advisors LLC’s holdings in Provident Financial Services were worth $1,077,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Savant Capital LLC raised its holdings in Provident Financial Services by 6.5% during the 4th quarter. Savant Capital LLC now owns 10,931 shares of the savings and loans company’s stock valued at $206,000 after buying an additional 664 shares during the period. CIBC Asset Management Inc raised its stake in shares of Provident Financial Services by 6.1% in the fourth quarter. CIBC Asset Management Inc now owns 13,422 shares of the savings and loans company’s stock valued at $253,000 after acquiring an additional 772 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Provident Financial Services by 5.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 16,672 shares of the savings and loans company’s stock worth $309,000 after acquiring an additional 802 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Provident Financial Services by 120.6% during the 3rd 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 period. Finally, D.A. Davidson & CO. grew its holdings in Provident Financial Services by 3.3% during the 3rd quarter. D.A. Davidson & CO. now owns 29,402 shares of the savings and loans company’s stock valued at $546,000 after purchasing an additional 944 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Stock Down 0.6 %

Shares of NYSE PFS opened at $17.34 on Thursday. Provident Financial Services, Inc. has a 52-week low of $13.07 and a 52-week high of $22.24. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 16.51 and a beta of 1.06. The stock has a 50 day moving average price of $18.17 and a 200 day moving average price of $18.99. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. Sell-side analysts expect that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PFS shares. Royal Bank of Canada dropped their target price on 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. Hovde Group assumed coverage on Provident Financial Services in a research note on Friday, December 13th. They set an “outperform” rating and a $25.00 price target for the company. Finally, StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Saturday, February 15th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Provident Financial Services has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Provident Financial Services 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.