New York State Teachers Retirement System Has $722,000 Stake in Provident Financial Services, Inc (NYSE:PFS)

New York State Teachers Retirement System lowered its position in shares of Provident Financial Services, Inc (NYSE:PFS) by 12.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,947 shares of the savings and loans company’s stock after selling 3,800 shares during the period. New York State Teachers Retirement System’s holdings in Provident Financial Services were worth $722,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PFS. First Manhattan Co. raised its position in Provident Financial Services by 29.3% in the first quarter. First Manhattan Co. now owns 4,850 shares of the savings and loans company’s stock worth $102,000 after buying an additional 1,100 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in Provident Financial Services during the first quarter worth $136,000. State of Alaska Department of Revenue raised its position in shares of Provident Financial Services by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 6,670 shares of the savings and loans company’s stock worth $172,000 after buying an additional 190 shares in the last quarter. OppenheimerFunds Inc. bought a new position in shares of Provident Financial Services during the first quarter worth $293,000. Finally, Mason Street Advisors LLC raised its position in shares of Provident Financial Services by 7.7% in the first quarter. Mason Street Advisors LLC now owns 14,140 shares of the savings and loans company’s stock worth $366,000 after buying an additional 1,007 shares in the last quarter. 61.57% of the stock is owned by institutional investors and hedge funds.

Provident Financial Services, Inc (NYSE:PFS) traded down 0.04% on Friday, reaching $24.54. 171,079 shares of the company’s stock were exchanged. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 16.92 and a beta of 0.99. The firm has a 50 day moving average of $25.62 and a 200-day moving average of $25.44. Provident Financial Services, Inc has a one year low of $20.53 and a one year high of $28.92.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, beating 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 business had revenue of $83.87 million during the quarter, compared to the consensus estimate of $81.24 million. During the same period in the previous year, the business earned $0.34 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Equities research analysts forecast that Provident Financial Services, Inc will post $1.49 EPS for the current fiscal year.

The business also recently disclosed 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 of this dividend is Friday, August 11th. This represents a $0.80 dividend on an annualized basis and a yield of 3.26%. This is a positive change from Provident Financial Services’s previous quarterly dividend of $0.19. Provident Financial Services’s payout ratio is currently 54.79%.

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PFS has been the subject of a number of research reports. ValuEngine upgraded shares of Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 8th. BidaskClub lowered shares of Provident Financial Services from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Zacks Investment Research lowered shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. Sandler O’Neill raised shares of Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $25.50 target price on shares of Provident Financial Services in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Provident Financial Services presently has a consensus rating of “Hold” and a consensus price target of $26.90.

Provident Financial Services Company 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.

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

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