Provident Financial Services, Inc. (NYSE:PFS) Shares Sold by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC lowered its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 164,920 shares of the savings and loans company’s stock after selling 8,107 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.13% of Provident Financial Services worth $3,112,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PFS. Savant Capital LLC increased its holdings in Provident Financial Services by 6.5% in the 4th quarter. Savant Capital LLC now owns 10,931 shares of the savings and loans company’s stock valued at $206,000 after purchasing an additional 664 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Provident Financial Services by 5.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 14,240 shares of the savings and loans company’s stock valued at $269,000 after buying an additional 704 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Provident Financial Services by 6.1% during the 4th quarter. CIBC Asset Management Inc now owns 13,422 shares of the savings and loans company’s stock valued at $253,000 after buying an additional 772 shares during the period. Glenmede Trust Co. NA lifted its position in Provident Financial Services by 5.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 16,672 shares of the savings and loans company’s stock worth $309,000 after acquiring an additional 802 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in Provident Financial Services by 120.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after acquiring an additional 820 shares during the period. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Price Performance

Shares of PFS stock opened at $17.60 on Thursday. The firm has a fifty day moving average of $17.97 and a two-hundred day moving average of $18.96. The firm has a market cap of $2.30 billion, a P/E ratio of 16.76 and a beta of 1.06. 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.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. As a group, research analysts anticipate that Provident Financial Services, Inc. will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors 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 5.45%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services’s dividend payout ratio is currently 91.43%.

Analyst Ratings Changes

PFS has been the topic of a number of recent research reports. Royal Bank of Canada reduced their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. Finally, Hovde Group initiated coverage on Provident Financial Services in a research report on Friday, December 13th. They set an “outperform” rating and a $25.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Provident Financial Services has an average rating of “Moderate Buy” and a consensus price target of $24.00.

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.