Assenagon Asset Management S.A. Takes Position in Provident Financial Services, Inc. (PFS)

Assenagon Asset Management S.A. acquired a new position in shares of Provident Financial Services, Inc. (NYSE:PFS) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 66,953 shares of the savings and loans company’s stock, valued at approximately $1,644,000. Assenagon Asset Management S.A. owned about 0.10% of Provident Financial Services as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. BlackRock Inc. lifted its position in shares of Provident Financial Services by 5.9% during the 2nd quarter. BlackRock Inc. now owns 8,551,844 shares of the savings and loans company’s stock worth $235,435,000 after buying an additional 477,216 shares during the last quarter. Northern Trust Corp lifted its position in shares of Provident Financial Services by 3.3% during the 2nd quarter. Northern Trust Corp now owns 2,518,716 shares of the savings and loans company’s stock worth $69,340,000 after buying an additional 79,918 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Provident Financial Services by 7.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,256,400 shares of the savings and loans company’s stock worth $34,589,000 after buying an additional 83,900 shares during the last quarter. Beacon Investment Advisory Services Inc. lifted its position in shares of Provident Financial Services by 1.1% during the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 1,168,426 shares of the savings and loans company’s stock worth $32,167,000 after buying an additional 13,195 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Provident Financial Services by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 971,668 shares of the savings and loans company’s stock worth $26,750,000 after buying an additional 4,041 shares during the last quarter. Institutional investors and hedge funds own 65.12% of the company’s stock.

Shares of PFS opened at $25.19 on Friday. Provident Financial Services, Inc. has a 12-month low of $22.22 and a 12-month high of $29.12. The company has a quick ratio of 1.10, a current ratio of 1.09 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.80 and a beta of 0.64.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, October 26th. The savings and loans company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.08. Provident Financial Services had a return on equity of 8.09% and a net margin of 25.16%. The business had revenue of $91.70 million during the quarter, compared to analysts’ expectations of $89.09 million. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, research analysts forecast that Provident Financial Services, Inc. will post 1.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be issued a $0.21 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $0.84 dividend on an annualized basis and a yield of 3.33%. Provident Financial Services’s payout ratio is presently 55.26%.

Several analysts recently weighed in on the company. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a research report on Friday, July 27th. Piper Jaffray Companies restated a “hold” rating and set a $25.50 price objective on shares of Provident Financial Services in a research report on Wednesday, August 1st. Zacks Investment Research upgraded Provident Financial Services from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research report on Thursday, November 1st. Finally, ValuEngine upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $27.83.

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Provident Financial Services Company Profile

Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.

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

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