Victory Capital Management Inc. Acquires 14,141 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Victory Capital Management Inc. raised its holdings in Provident Financial Services, Inc. (NYSE:PFS) by 9.1% in the fourth quarter, Holdings Channel reports. The firm owned 170,381 shares of the savings and loans company’s stock after purchasing an additional 14,141 shares during the period. Victory Capital Management Inc.’s holdings in Provident Financial Services were worth $3,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of PFS. Nomura Asset Management Co. Ltd. grew its stake in shares of 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 worth $28,000 after acquiring an additional 820 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Provident Financial Services during the 4th quarter worth $99,000. KBC Group NV grew its stake in shares of 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 worth $121,000 after acquiring an additional 1,848 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of 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 worth $142,000 after acquiring an additional 4,408 shares during the period. Finally, Allworth Financial LP grew its stake in shares of 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 worth $151,000 after acquiring an additional 7,906 shares during the period. Institutional investors own 71.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. 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 price target for the company. StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. Finally, Royal Bank of Canada reduced 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services Stock Up 2.9 %

PFS stock opened at $17.14 on Monday. 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 firm has a market capitalization of $2.24 billion, a PE ratio of 16.32 and a beta of 1.06. Provident Financial Services, Inc. has a twelve month low of $13.07 and a twelve month high of $22.24. The stock has a 50-day simple moving average of $18.41 and a two-hundred day simple moving average of $19.08.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results 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, equities analysts predict that Provident Financial Services, Inc. will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, February 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.60%. Provident Financial Services’s dividend payout ratio (DPR) is presently 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.