Cresset Asset Management LLC Reduces Stock Holdings in Provident Financial Services, Inc. (NYSE:PFS)

Cresset Asset Management LLC lessened its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,363 shares of the savings and loans company’s stock after selling 708 shares during the quarter. Cresset Asset Management LLC owned about 0.06% of Provident Financial Services worth $1,535,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PFS. Vanguard Group Inc. lifted its position in Provident Financial Services by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,605,199 shares of the savings and loans company’s stock valued at $275,600,000 after acquiring an additional 51,253 shares during the last quarter. PL Capital Advisors LLC increased its position in shares of Provident Financial Services by 1,787.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock worth $47,809,000 after purchasing an additional 2,399,351 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Provident Financial Services by 3.4% in the 4th quarter. American Century Companies Inc. now owns 2,456,401 shares of the savings and loans company’s stock valued at $46,352,000 after purchasing an additional 81,617 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Provident Financial Services by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,825,993 shares of the savings and loans company’s stock valued at $34,456,000 after purchasing an additional 33,201 shares during the period. Finally, Hsbc Holdings PLC grew its stake in Provident Financial Services by 6.9% during the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company’s stock worth $31,928,000 after buying an additional 109,923 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $17.13 on Friday. 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 business has a 50 day simple moving average of $16.46 and a 200-day simple moving average of $18.44. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $22.24. The stock has a market capitalization of $2.24 billion, a PE ratio of 16.31 and a beta of 0.84.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $208.76 million during the quarter, compared to the consensus estimate of $206.86 million. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Provident Financial Services’s quarterly revenue was up 82.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. Equities analysts predict that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a $0.24 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 5.60%. Provident Financial Services’s payout ratio is currently 86.49%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PFS shares. StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. Royal Bank of Canada decreased their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.25.

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.