Smartleaf Asset Management LLC Acquires 4,408 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Smartleaf Asset Management LLC increased its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 141.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,533 shares of the savings and loans company’s stock after buying an additional 4,408 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Provident Financial Services were worth $142,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PFS. PL Capital Advisors LLC lifted its holdings in shares of Provident Financial Services by 1,787.0% in the fourth quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock worth $47,809,000 after acquiring an additional 2,399,351 shares during the last quarter. Wellington Management Group LLP lifted its stake in 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 purchasing an additional 1,840,633 shares during the last quarter. State Street Corp boosted its position 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 buying an additional 713,688 shares in the last quarter. Basswood Capital Management L.L.C. grew its stake in shares of Provident Financial Services by 87.3% during the third quarter. Basswood Capital Management L.L.C. now owns 892,708 shares of the savings and loans company’s stock worth $16,569,000 after buying an additional 416,020 shares during the last quarter. Finally, Chartwell Investment Partners LLC acquired a new position in shares of Provident Financial Services during the third quarter worth $5,564,000. 71.97% of the stock is owned by institutional investors and hedge funds.

Provident Financial Services Price Performance

Shares of NYSE PFS opened at $17.31 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $2.26 billion, a PE ratio of 16.49 and a beta of 1.06. The firm has a fifty day simple moving average of $18.66 and a 200 day simple moving average of $19.15. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, sell-side analysts forecast that Provident Financial Services, Inc. will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.54%. The ex-dividend date was Friday, February 14th. Provident Financial Services’s dividend payout ratio (DPR) is 91.43%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PFS. Hovde Group began coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective for the company. DA Davidson boosted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Royal Bank of Canada lowered their target price on Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Finally, StockNews.com upgraded 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 issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Insider Activity

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the sale, the executive vice president now directly owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.29% of the stock is currently owned by company insiders.

About Provident Financial Services

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.