Goldman Sachs Group Inc. Sells 51,205 Shares of Provident Financial Services, Inc. (NYSE:PFS)

Goldman Sachs Group Inc. cut its position in Provident Financial Services, Inc. (NYSE:PFS) by 2.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,789,997 shares of the savings and loans company’s stock after selling 51,205 shares during the quarter. Goldman Sachs Group Inc. owned approximately 2.71% of Provident Financial Services worth $44,123,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. State Street Corp raised its holdings in Provident Financial Services by 4.0% in the fourth quarter. State Street Corp now owns 1,956,960 shares of the savings and loans company’s stock worth $48,239,000 after purchasing an additional 75,611 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Provident Financial Services by 8.3% during the fourth quarter. Acadian Asset Management LLC now owns 583,190 shares of the savings and loans company’s stock valued at $14,378,000 after acquiring an additional 44,595 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Provident Financial Services by 0.6% during the fourth quarter. Principal Financial Group Inc. now owns 502,848 shares of the savings and loans company’s stock valued at $12,395,000 after acquiring an additional 3,245 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Provident Financial Services by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,028 shares of the savings and loans company’s stock valued at $12,104,000 after acquiring an additional 8,631 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Provident Financial Services by 2,958.8% during the third quarter. Millennium Management LLC now owns 483,682 shares of the savings and loans company’s stock valued at $11,864,000 after acquiring an additional 467,869 shares in the last quarter. Institutional investors and hedge funds own 66.91% of the company’s stock.

Several research firms have recently issued reports on PFS. Boenning Scattergood upgraded shares of Provident Financial Services from a “neutral” rating to an “outperform” rating in a report on Friday, March 13th. Zacks Investment Research downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, March 21st.

PFS opened at $11.78 on Thursday. Provident Financial Services, Inc. has a 52-week low of $9.05 and a 52-week high of $27.57. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.81. The company has a market cap of $809.66 million, a P/E ratio of 7.03 and a beta of 0.63. The firm’s 50-day moving average price is $18.93 and its 200-day moving average price is $23.16.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Friday, January 31st. The savings and loans company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.03). Provident Financial Services had a net margin of 25.88% and a return on equity of 8.08%. The company had revenue of $90.61 million for the quarter, compared to analyst estimates of $89.20 million. During the same quarter last year, the company earned $0.55 EPS. On average, research analysts anticipate that Provident Financial Services, Inc. will post 1.56 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.92 annualized dividend and a dividend yield of 7.81%. Provident Financial Services’s dividend payout ratio (DPR) is currently 52.87%.

Provident Financial Services Profile

Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA, and KEOGH products.

See Also: Sell-Side Analysts

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

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