Martingale Asset Management L P Grows Position in Provident Financial Services, Inc. (NYSE:PFS)

Martingale Asset Management L P increased its position in Provident Financial Services, Inc. (NYSE:PFSGet Rating) by 14.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 43,202 shares of the savings and loans company’s stock after purchasing an additional 5,402 shares during the quarter. Martingale Asset Management L P owned approximately 0.06% of Provident Financial Services worth $962,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PFS. Invesco Ltd. lifted its stake in shares of Provident Financial Services by 60.2% in the 1st quarter. Invesco Ltd. now owns 1,073,084 shares of the savings and loans company’s stock valued at $25,110,000 after purchasing an additional 403,067 shares during the period. Principal Financial Group Inc. increased its position in Provident Financial Services by 17.8% during the 2nd quarter. Principal Financial Group Inc. now owns 2,040,546 shares of the savings and loans company’s stock valued at $45,423,000 after buying an additional 307,926 shares in the last quarter. Victory Capital Management Inc. increased its position in Provident Financial Services by 74.6% during the 1st quarter. Victory Capital Management Inc. now owns 582,005 shares of the savings and loans company’s stock valued at $12,880,000 after buying an additional 248,582 shares in the last quarter. American Century Companies Inc. increased its position in Provident Financial Services by 14.3% during the 1st quarter. American Century Companies Inc. now owns 1,582,996 shares of the savings and loans company’s stock valued at $37,042,000 after buying an additional 198,027 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Provident Financial Services by 70.6% during the 1st quarter. Renaissance Technologies LLC now owns 366,046 shares of the savings and loans company’s stock valued at $8,565,000 after buying an additional 151,446 shares in the last quarter. Hedge funds and other institutional investors own 64.32% of the company’s stock.

Provident Financial Services Stock Up 0.2 %

Provident Financial Services stock opened at $22.18 on Monday. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 10.17 and a beta of 0.96. The stock has a fifty day simple moving average of $21.59 and a two-hundred day simple moving average of $22.52. Provident Financial Services, Inc. has a 12 month low of $19.18 and a 12 month high of $26.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.72.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Thursday, November 10th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Wednesday, November 9th. Provident Financial Services’s payout ratio is currently 44.04%.

Analyst Upgrades and Downgrades

PFS has been the subject of a number of analyst reports. Piper Sandler reduced their price objective on Provident Financial Services to $24.00 in a research report on Wednesday, October 5th. DA Davidson reduced their price objective on Provident Financial Services from $26.00 to $22.00 in a research report on Thursday, September 29th. Royal Bank of Canada lifted their target price on Provident Financial Services from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, August 1st. Finally, StockNews.com began coverage on Provident Financial Services in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

About Provident Financial Services

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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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

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Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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