O Shaughnessy Asset Management LLC Purchases Shares of 75,859 Provident Financial Services, Inc. (NYSE:PFS)

O Shaughnessy Asset Management LLC bought a new stake in Provident Financial Services, Inc. (NYSE:PFS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 75,859 shares of the savings and loans company’s stock, valued at approximately $1,431,000. O Shaughnessy Asset Management LLC owned 0.06% of Provident Financial Services at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PFS. PL Capital Advisors LLC raised its position in Provident Financial Services by 1,787.0% in the fourth quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock valued at $47,809,000 after purchasing an additional 2,399,351 shares during the period. Wellington Management Group LLP raised its holdings in shares of Provident Financial Services by 13,182.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock valued at $34,421,000 after buying an additional 1,840,633 shares during the period. State Street Corp raised its holdings in shares of Provident Financial Services by 10.2% during the 3rd quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock valued at $142,605,000 after buying an additional 713,688 shares during the period. Norges Bank acquired a new position in Provident Financial Services during the 4th quarter worth approximately $7,225,000. Finally, Raymond James Financial Inc. purchased a new position in Provident Financial Services in the 4th quarter worth approximately $6,994,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Trading Down 4.2 %

NYSE PFS opened at $15.34 on Friday. The company’s fifty day moving average price is $17.84 and its two-hundred day moving average price is $18.92. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 14.61 and a beta of 0.84. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $22.24. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. As a group, research analysts predict that Provident Financial Services, Inc. will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 6.26%. The ex-dividend date of this dividend was Friday, February 14th. Provident Financial Services’s dividend payout ratio is currently 91.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Royal Bank of Canada reduced their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Hovde Group assumed coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

About Provident Financial Services

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.