Principal Financial Group Inc. Has $7.10 Million Stock Position in Provident Financial Services, Inc. (NYSE:PFS)

Principal Financial Group Inc. decreased its position in Provident Financial Services, Inc. (NYSE:PFSFree Report) by 76.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 393,534 shares of the savings and loans company’s stock after selling 1,271,486 shares during the quarter. Principal Financial Group Inc. owned 0.52% of Provident Financial Services worth $7,095,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PFS. International Assets Investment Management LLC grew its position in Provident Financial Services by 1,728.7% during the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after acquiring an additional 6,932 shares during the last quarter. Oak Thistle LLC acquired a new position in Provident Financial Services in the fourth quarter worth $202,000. Everence Capital Management Inc. bought a new stake in shares of Provident Financial Services during the fourth quarter worth $253,000. WBI Investments Inc. increased its stake in shares of Provident Financial Services by 7.4% in the third quarter. WBI Investments Inc. now owns 19,541 shares of the savings and loans company’s stock valued at $299,000 after buying an additional 1,338 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Provident Financial Services by 24.5% in the third quarter. Janney Montgomery Scott LLC now owns 21,751 shares of the savings and loans company’s stock valued at $333,000 after buying an additional 4,274 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Wall Street Analysts Forecast Growth

PFS has been the subject of several research reports. TheStreet cut shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. DA Davidson raised shares of Provident Financial Services from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $15.00 to $20.00 in a research note on Monday, April 22nd. Royal Bank of Canada raised their price target on Provident Financial Services from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. Finally, Keefe, Bruyette & Woods lowered their target price on Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Provident Financial Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Get Our Latest Stock Analysis on PFS

Provident Financial Services Stock Down 2.8 %

NYSE:PFS opened at $14.59 on Wednesday. The stock has a 50-day simple moving average of $14.94 and a 200 day simple moving average of $15.82. Provident Financial Services, Inc. has a 52-week low of $13.21 and a 52-week high of $19.62. The company has a market cap of $1.11 billion, a PE ratio of 9.12 and a beta of 1.04. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.08 and a current ratio of 1.08.

Provident Financial Services (NYSE:PFSGet Free Report) last posted its quarterly earnings data on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. The company had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The firm’s revenue was down 12.3% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. On average, sell-side analysts expect that Provident Financial Services, Inc. will post 1.63 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 annualized dividend and a yield of 6.58%. Provident Financial Services’s dividend payout ratio (DPR) is presently 60.00%.

About Provident Financial Services

(Free Report)

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.

Further Reading

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

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