Bessemer Group Inc. reduced its stake in Provident Financial Services, Inc (NYSE:PFS) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 74,100 shares of the savings and loans company’s stock after selling 2,086 shares during the period. Bessemer Group Inc.’s holdings in Provident Financial Services were worth $1,881,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of Provident Financial Services by 1.7% in the first quarter. Wells Fargo & Company MN now owns 108,931 shares of the savings and loans company’s stock valued at $2,816,000 after buying an additional 1,802 shares during the last quarter. Legal & General Group Plc raised its position in shares of Provident Financial Services by 2.8% in the first quarter. Legal & General Group Plc now owns 110,127 shares of the savings and loans company’s stock valued at $2,846,000 after buying an additional 2,988 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Provident Financial Services by 7.7% in the first quarter. Vanguard Group Inc. now owns 5,548,692 shares of the savings and loans company’s stock valued at $143,433,000 after buying an additional 394,788 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Provident Financial Services by 7.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 301,721 shares of the savings and loans company’s stock valued at $7,800,000 after buying an additional 21,075 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Provident Financial Services by 294.4% in the first quarter. Victory Capital Management Inc. now owns 29,291 shares of the savings and loans company’s stock valued at $757,000 after buying an additional 21,864 shares during the last quarter. Institutional investors own 62.50% of the company’s stock.

Provident Financial Services, Inc (PFS) opened at 24.83 on Friday. The company’s 50-day moving average price is $25.56 and its 200-day moving average price is $25.52. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 17.12 and a beta of 0.99. Provident Financial Services, Inc has a 52-week low of $20.20 and a 52-week high of $28.92.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The company had revenue of $83.87 million for the quarter, compared to analyst estimates of $81.24 million. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue was up 7.9% compared to the same quarter last year. Analysts predict that Provident Financial Services, Inc will post $1.48 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, August 11th. This is a positive change from Provident Financial Services’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 3.22%. Provident Financial Services’s dividend payout ratio is 52.05%.

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PFS has been the subject of several research reports. Zacks Investment Research lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $30.00 target price on shares of Provident Financial Services in a research report on Friday, July 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.00 target price on shares of Provident Financial Services in a research report on Friday, April 28th. BidaskClub lowered Provident Financial Services from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Finally, ValuEngine upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Provident Financial Services currently has an average rating of “Hold” and a consensus target price of $26.90.

About Provident Financial Services

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

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

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