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

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Provident Financial Services by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,792,792 shares of the savings and loans company’s stock worth $33,274,000 after buying an additional 102,737 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Provident Financial Services by 5.9% during the third quarter. The Manufacturers Life Insurance Company now owns 68,346 shares of the savings and loans company’s stock worth $1,269,000 after acquiring an additional 3,829 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of Provident Financial Services by 3.3% in the 3rd quarter. D.A. Davidson & CO. now owns 29,402 shares of the savings and loans company’s stock worth $546,000 after acquiring an additional 944 shares during the period. BNP Paribas Financial Markets lifted its position in Provident Financial Services by 136.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 65,282 shares of the savings and loans company’s stock valued at $1,212,000 after purchasing an additional 37,719 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake 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 valued at $309,000 after purchasing an additional 802 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Services Price Performance

NYSE PFS opened at $17.60 on Thursday. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $22.24. The firm has a market capitalization of $2.30 billion, a PE ratio of 16.76 and a beta of 1.06. The company’s 50 day simple moving average is $17.97 and its 200 day simple moving average is $18.96. 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 data 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, equities research analysts forecast that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services’s payout ratio is 91.43%.

Analyst Upgrades and Downgrades

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