PNC Financial Services Group Inc. Has $1.13 Million Holdings in Provident Financial Services, Inc. (NYSE:PFS)

PNC Financial Services Group Inc. trimmed its position in Provident Financial Services, Inc. (NYSE:PFS) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 60,592 shares of the savings and loans company’s stock after selling 562 shares during the period. PNC Financial Services Group Inc.’s holdings in Provident Financial Services were worth $1,125,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. LMR Partners LLP acquired a new stake in shares of Provident Financial Services in the third quarter worth $508,000. Empowered Funds LLC boosted its position in Provident Financial Services by 6.7% during the 3rd quarter. Empowered Funds LLC now owns 251,745 shares of the savings and loans company’s stock worth $4,672,000 after acquiring an additional 15,847 shares during the period. Royce & Associates LP purchased a new position in Provident Financial Services during the 3rd quarter valued at about $766,000. Haverford Trust Co acquired a new position in shares of Provident Financial Services in the 3rd quarter valued at about $187,000. Finally, Victory Capital Management Inc. lifted its position in shares of Provident Financial Services by 477.4% in the third quarter. Victory Capital Management Inc. now owns 156,240 shares of the savings and loans company’s stock worth $2,900,000 after purchasing an additional 129,183 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Stock Up 0.2 %

Shares of Provident Financial Services stock opened at $21.33 on Thursday. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 20.51 and a beta of 1.03. The stock has a 50-day simple moving average of $19.52 and a 200-day simple moving average of $17.44. Provident Financial Services, Inc. has a 52-week low of $13.07 and a 52-week high of $22.24. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.11). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. The business had revenue of $349.38 million during the quarter, compared to analyst estimates of $211.25 million. During the same quarter last year, the firm earned $0.38 earnings per share. On average, equities research analysts expect that Provident Financial Services, Inc. will post 1.84 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend is Friday, November 15th. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Analysts Set New Price Targets

A number of research analysts recently commented on PFS shares. DA Davidson boosted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Provident Financial Services from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $21.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Provident Financial Services 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.