International Assets Investment Management LLC Increases Stake in Provident Financial Services, Inc. (NYSE:PFS)

International Assets Investment Management LLC lifted its position in Provident Financial Services, Inc. (NYSE:PFS) by 1,728.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,333 shares of the savings and loans company’s stock after acquiring an additional 6,932 shares during the quarter. International Assets Investment Management LLC’s holdings in Provident Financial Services were worth $132,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Provident Financial Services by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 889,829 shares of the savings and loans company’s stock valued at $13,605,000 after buying an additional 60,765 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Provident Financial Services by 76.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 109,041 shares of the savings and loans company’s stock valued at $1,667,000 after acquiring an additional 47,217 shares during the period. Illinois Municipal Retirement Fund purchased a new position in Provident Financial Services during the 3rd quarter valued at $681,000. Caxton Associates LP bought a new position in Provident Financial Services in the 3rd quarter valued at $573,000. Finally, Trexquant Investment LP purchased a new stake in Provident Financial Services in the third quarter worth $532,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Stock Performance

Shares of NYSE:PFS opened at $14.92 on Tuesday. The firm has a 50 day moving average of $14.71 and a 200 day moving average of $15.66. The company has a quick ratio of 1.07, a current ratio of 1.08 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 9.33 and a beta of 1.07. Provident Financial Services, Inc. has a 52 week low of $13.21 and a 52 week high of $19.62.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same period in the previous year, the company posted $0.54 EPS. The business’s revenue for the quarter was down 12.3% compared to the same quarter last year. On average, sell-side analysts predict that Provident Financial Services, Inc. will post 1.63 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, April 29th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.43%. The ex-dividend date is Friday, April 26th. Provident Financial Services’s payout ratio is currently 60.00%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. TheStreet cut shares of Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Tuesday, March 26th. Royal Bank of Canada increased their price objective on Provident Financial Services from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. Finally, DA Davidson raised Provident Financial Services from a “neutral” rating to a “buy” rating and lifted their target price for the company from $15.00 to $20.00 in a research report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

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.