Franklin Resources Inc. Sells 5,893 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Franklin Resources Inc. decreased its holdings in Provident Financial Services, Inc. (NYSE:PFSFree Report) by 10.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,069 shares of the savings and loans company’s stock after selling 5,893 shares during the period. Franklin Resources Inc.’s holdings in Provident Financial Services were worth $885,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. WBI Investments Inc. raised its stake in Provident Financial Services by 7.4% in the third quarter. WBI Investments Inc. now owns 19,541 shares of the savings and loans company’s stock valued at $299,000 after buying an additional 1,338 shares during the period. Valley National Advisers Inc. raised its stake in Provident Financial Services by 5.6% in the third quarter. Valley National Advisers Inc. now owns 27,121 shares of the savings and loans company’s stock valued at $415,000 after buying an additional 1,434 shares during the period. Swiss National Bank raised its stake in Provident Financial Services by 1.3% in the third quarter. Swiss National Bank now owns 157,800 shares of the savings and loans company’s stock valued at $2,413,000 after buying an additional 2,000 shares during the period. Deutsche Bank AG raised its stake in Provident Financial Services by 6.2% in the third quarter. Deutsche Bank AG now owns 37,122 shares of the savings and loans company’s stock valued at $568,000 after buying an additional 2,171 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Provident Financial Services by 24.5% during the third quarter. Janney Montgomery Scott LLC now owns 21,751 shares of the savings and loans company’s stock worth $333,000 after purchasing an additional 4,274 shares during the period. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Stock Down 0.4 %

Shares of NYSE:PFS opened at $13.70 on Friday. The firm has a market cap of $1.04 billion, a P/E ratio of 8.56 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.25. Provident Financial Services, Inc. has a 12-month low of $13.21 and a 12-month high of $19.62. The business has a fifty day simple moving average of $14.85 and a 200 day simple moving average of $15.74.

Provident Financial Services (NYSE:PFSGet Free Report) last announced its earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. Provident Financial Services’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS. Analysts predict that Provident Financial Services, Inc. will post 1.63 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, May 31st. Investors of record on Monday, April 29th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 7.01%. The ex-dividend date of this dividend was Friday, April 26th. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Wall Street Analysts Forecast Growth

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

Get Our Latest Analysis on Provident Financial Services

About Provident Financial Services

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Provident Financial Services (NYSE:PFS)

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