Envestnet Asset Management Inc. Boosts Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Envestnet Asset Management Inc. raised its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,065 shares of the savings and loans company’s stock after purchasing an additional 4,204 shares during the period. Envestnet Asset Management Inc.’s holdings in Provident Financial Services were worth $699,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. PL Capital Advisors LLC grew its holdings in Provident Financial Services by 1,787.0% during the 4th quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock valued at $47,809,000 after buying an additional 2,399,351 shares in the last quarter. Norges Bank purchased a new position in shares of Provident Financial Services during the fourth quarter worth about $7,225,000. Raymond James Financial Inc. bought a new position in shares of Provident Financial Services in the fourth quarter worth approximately $6,994,000. JPMorgan Chase & Co. raised its stake in Provident Financial Services by 55.4% in the third quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock valued at $14,771,000 after purchasing an additional 283,879 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Provident Financial Services in the 4th quarter worth approximately $5,026,000. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PFS. Keefe, Bruyette & Woods reduced their target price on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Royal Bank of Canada decreased their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Provident Financial Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Provident Financial Services Stock Up 2.6 %

Shares of NYSE:PFS opened at $17.13 on Friday. Provident Financial Services, Inc. has a 1 year low of $13.07 and a 1 year high of $22.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $16.56 and its 200 day moving average is $18.52. The company has a market cap of $2.24 billion, a PE ratio of 16.31 and a beta of 0.84.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $208.76 million during the quarter, compared to analyst estimates of $206.86 million. Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. The firm’s revenue was up 82.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. Sell-side analysts anticipate that Provident Financial Services, Inc. will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 5.60%. The ex-dividend date is Friday, May 16th. Provident Financial Services’s dividend payout ratio is currently 86.49%.

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.