By otakuyassine3@gmail.com 
Corebridge Financial Inc. lowered its stake in shares of Provident Financial Services, Inc. (NYSE:PFS – Free Report) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,200 shares of the savings and loans company’s stock after selling 5,253 shares during the period. Corebridge Financial Inc.’s holdings in Provident Financial Services were worth $1,268,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its position in shares of 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 buying an additional 820 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Provident Financial Services during the 4th quarter worth about $99,000. KBC Group NV grew its holdings in shares of Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after buying an additional 1,848 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Provident Financial Services by 141.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company’s stock valued at $142,000 after buying an additional 4,408 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Provident Financial Services by 35,936.4% in the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock worth $151,000 after acquiring an additional 7,906 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently commented on PFS shares. Hovde Group initiated coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price for the company. Royal Bank of Canada cut their price objective on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Provident Financial Services presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.
Check Out Our Latest Analysis on PFS
Provident Financial Services Stock Performance
Provident Financial Services stock opened at $15.99 on Friday. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 15.22 and a beta of 1.06. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month 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 $17.91 and its 200-day moving average is $18.94.
Provident Financial Services (NYSE:PFS – Get Free Report) last posted its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Equities analysts anticipate that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.
Provident Financial Services Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid 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 6.01%. Provident Financial Services’s dividend payout ratio (DPR) is currently 91.43%.
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.
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