Norges Bank Takes Position in Provident Financial Services, Inc. (NYSE:PFS)

Norges Bank bought a new position in shares of Provident Financial Services, Inc. (NYSE:PFS) during the 4th quarter, Holdings Channel reports. The institutional investor bought 382,893 shares of the savings and loans company’s stock, valued at approximately $7,225,000.

Several other large investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its stake in shares of Provident Financial Services by 5.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 68,346 shares of the savings and loans company’s stock worth $1,269,000 after purchasing an additional 3,829 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Provident Financial Services by 136.8% during the third quarter. BNP Paribas Financial Markets now owns 65,282 shares of the savings and loans company’s stock worth $1,212,000 after buying an additional 37,719 shares during the last quarter. Quantinno Capital Management LP raised its position in Provident Financial Services by 9.3% during the third quarter. Quantinno Capital Management LP now owns 23,042 shares of the savings and loans company’s stock worth $428,000 after acquiring an additional 1,954 shares in the last quarter. State Street Corp lifted its stake in Provident Financial Services by 10.2% in the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock valued at $142,605,000 after acquiring an additional 713,688 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Provident Financial Services by 13,182.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock valued at $34,421,000 after acquiring an additional 1,840,633 shares during the period. 71.97% of the stock is owned by institutional investors and hedge funds.

Provident Financial Services Stock Down 2.3 %

Shares of PFS opened at $14.96 on Wednesday. The firm has a market cap of $1.95 billion, a P/E ratio of 14.24 and a beta of 0.84. 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, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24. The firm’s 50-day simple moving average is $17.61 and its 200 day simple moving average is $18.84.

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

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services’s dividend payout ratio is currently 91.43%.

Wall Street Analysts Forecast Growth

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

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.