California Public Employees Retirement System Sells 14,012 Shares of Provident Financial Services, Inc. (PFS)

California Public Employees Retirement System decreased its stake in shares of Provident Financial Services, Inc. (NYSE:PFS) by 6.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 192,320 shares of the savings and loans company’s stock after selling 14,012 shares during the period. California Public Employees Retirement System owned 0.23% of Provident Financial Services worth $4,641,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State of Alaska Department of Revenue increased its stake in Provident Financial Services by 2.1% in the 4th quarter. State of Alaska Department of Revenue now owns 20,540 shares of the savings and loans company’s stock worth $495,000 after acquiring an additional 430 shares during the last quarter. Piedmont Investment Advisors Inc. increased its stake in Provident Financial Services by 3.3% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 14,640 shares of the savings and loans company’s stock worth $353,000 after acquiring an additional 466 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Provident Financial Services by 31.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,140 shares of the savings and loans company’s stock worth $100,000 after acquiring an additional 1,000 shares during the last quarter. Xact Kapitalforvaltning AB increased its stake in Provident Financial Services by 9.0% in the 4th quarter. Xact Kapitalforvaltning AB now owns 15,674 shares of the savings and loans company’s stock worth $378,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Provident Financial Services by 0.4% in 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 acquiring an additional 4,041 shares during the last quarter. 53.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of Provident Financial Services stock opened at $26.61 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $2.22 billion, a PE ratio of 14.62, a PEG ratio of 1.73 and a beta of 0.57. Provident Financial Services, Inc. has a 12 month low of $22.22 and a 12 month high of $29.12.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Friday, February 1st. The savings and loans company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.49 by $0.06. The firm had revenue of $92.95 million for the quarter, compared to analyst estimates of $89.83 million. Provident Financial Services had a return on equity of 8.92% and a net margin of 28.29%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 EPS. Research analysts forecast that Provident Financial Services, Inc. will post 1.92 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 28th. Stockholders of record on Friday, February 15th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, February 14th. This is a positive change from Provident Financial Services’s previous quarterly dividend of $0.21. This represents a $0.92 annualized dividend and a dividend yield of 3.46%. Provident Financial Services’s dividend payout ratio is 50.55%.

A number of equities analysts have weighed in on PFS shares. Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Thursday, December 20th. Zacks Investment Research upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Friday, January 18th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Provident Financial Services currently has a consensus rating of “Hold” and a consensus price target of $27.50.

In other news, Director James P. Dunigan acquired 1,000 shares of Provident Financial Services stock in a transaction dated Wednesday, February 27th. The shares were purchased at an average cost of $27.30 per share, for a total transaction of $27,300.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank L. Fekete sold 5,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $27.26, for a total value of $136,300.00. Following the transaction, the director now owns 38,953 shares in the company, valued at $1,061,858.78. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by corporate insiders.

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About Provident Financial Services

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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