Rafferty Asset Management LLC Purchases 51,923 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Rafferty Asset Management LLC raised its position in shares of Provident Financial Services, Inc. (NYSE:PFSFree Report) by 67.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 129,366 shares of the savings and loans company’s stock after purchasing an additional 51,923 shares during the quarter. Rafferty Asset Management LLC owned 0.17% of Provident Financial Services worth $2,332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. TFO Wealth Partners LLC increased its stake in shares of Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after purchasing an additional 2,101 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Provident Financial Services by 1,728.7% in the fourth quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after buying an additional 6,932 shares during the period. Oak Thistle LLC purchased a new position in shares of Provident Financial Services during the 4th quarter valued at about $202,000. Everence Capital Management Inc. bought a new position in shares of Provident Financial Services during the 4th quarter valued at approximately $253,000. Finally, WBI Investments Inc. increased its holdings in Provident Financial Services by 7.4% in the 3rd quarter. WBI Investments Inc. now owns 19,541 shares of the savings and loans company’s stock worth $299,000 after acquiring an additional 1,338 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PFS. TheStreet lowered shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. DA Davidson raised Provident Financial Services from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.00 to $20.00 in a report on Monday, April 22nd. StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased their target price on Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada upped their price target on Provident Financial Services from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Check Out Our Latest Research Report on Provident Financial Services

Provident Financial Services Price Performance

Shares of Provident Financial Services stock opened at $13.67 on Monday. The firm has a market cap of $1.04 billion, a PE ratio of 8.54 and a beta of 1.02. The stock has a 50 day moving average of $14.83 and a 200 day moving average of $15.74. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.25. Provident Financial Services, Inc. has a 12 month low of $13.21 and a 12 month high of $19.62.

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

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, April 29th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 7.02%. The ex-dividend date was Friday, April 26th. Provident Financial Services’s dividend payout ratio is 60.00%.

Provident Financial Services Company Profile

(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.

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

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