Peapack Gladstone Financial Corp Cuts Stock Position in Provident Financial Services, Inc. (NYSE:PFS)

Peapack Gladstone Financial Corp reduced its position in Provident Financial Services, Inc. (NYSE:PFS) by 22.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 15,980 shares of the savings and loans company’s stock after selling 4,550 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Provident Financial Services were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PFS. Nomura Asset Management Co. Ltd. boosted its holdings in Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after acquiring an additional 820 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Provident Financial Services during the 4th quarter valued at about $99,000. KBC Group NV boosted its holdings in Provident Financial Services by 40.7% during the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 1,848 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Provident Financial Services by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company’s stock valued at $142,000 after acquiring an additional 4,408 shares during the period. Finally, Allworth Financial LP boosted its holdings in Provident Financial Services by 35,936.4% during the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock valued at $151,000 after acquiring an additional 7,906 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Stock Performance

PFS stock opened at $15.91 on Thursday. The company has a market cap of $2.08 billion, a P/E ratio of 15.15 and a beta of 0.84. 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 fifty day moving average price is $17.50 and its 200-day moving average price is $18.80.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. On average, equities analysts forecast that Provident Financial Services, Inc. will post 2.14 earnings per share for the current 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 issued a $0.24 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.03%. Provident Financial Services’s payout ratio is 91.43%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Hovde Group assumed coverage on Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 target price for the company. Royal Bank of Canada dropped their target price on Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Finally, StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Provident Financial Services presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Provident Financial Services Company 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.