Bank of New York Mellon Corp decreased its holdings in Provident Financial Services, Inc (NYSE:PFS) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 921,476 shares of the savings and loans company’s stock after selling 8,040 shares during the quarter. Bank of New York Mellon Corp owned 1.38% of Provident Financial Services worth $23,386,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at $118,000. Rhumbline Advisers raised its stake in shares of Provident Financial Services by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 127,344 shares of the savings and loans company’s stock valued at $3,232,000 after buying an additional 528 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Provident Financial Services by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 31,618 shares of the savings and loans company’s stock valued at $802,000 after buying an additional 100 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Provident Financial Services by 9.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 331,707 shares of the savings and loans company’s stock valued at $8,419,000 after buying an additional 29,986 shares in the last quarter. Finally, Texas Permanent School Fund raised its stake in shares of Provident Financial Services by 1.2% in the 2nd quarter. Texas Permanent School Fund now owns 44,301 shares of the savings and loans company’s stock valued at $1,124,000 after buying an additional 521 shares in the last quarter. Institutional investors own 61.61% of the company’s stock.

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Shares of Provident Financial Services, Inc (NYSE:PFS) opened at 24.66 on Friday. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 17.01 and a beta of 1.00. Provident Financial Services, Inc has a 12-month low of $20.53 and a 12-month high of $28.92. The stock has a 50 day moving average of $24.98 and a 200 day moving average of $25.20.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $81.24 million. During the same quarter last year, the firm earned $0.34 earnings per share. The company’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts expect that Provident Financial Services, Inc will post $1.49 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, August 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.24%. This is an increase from Provident Financial Services’s previous quarterly dividend of $0.19. Provident Financial Services’s dividend payout ratio (DPR) is currently 54.79%.

A number of equities analysts have recently issued reports on PFS shares. ValuEngine upgraded shares of Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Thursday, June 8th. BidaskClub upgraded shares of Provident Financial Services from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Sandler O’Neill upgraded shares of Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Royal Bank Of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Provident Financial Services in a research note on Friday, July 7th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $25.50 price objective on shares of Provident Financial Services in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Provident Financial Services has a consensus rating of “Hold” and an average target price of $27.50.

Provident Financial Services Profile

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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