Short-term stake in Provident Financial Services, Inc. (NYSE:PFS) increases 28.0%

Provident Financial Services, Inc. (NYSE: PFS – Get a rating) benefited from significant growth in short-term interest during the month of September. As of September 30, there was short interest totaling 2,100,000 shares, a growth of 28.0% from the total of 1,640,000 shares as of September 15. Based on an average daily volume of 377,600 shares, the short interest rate is currently 5.6 days. Approximately 3.1% of the company’s shares are sold short.

Changes to analyst ratings

Several analysts have recently weighed in on the stock. DA Davidson cut its price target on shares of Provident Financial Services from $26.00 to $22.00 in a Thursday, September 29 report. Piper Sandler reduced her target price on Provident Financial Services to $24.00 in a Wednesday, October 5 research report. Supposed coverage of Provident Financial Services in a Wednesday, October 12 research report. They issued a “hold” rating for the company. Finally, Royal Bank of Canada raised its target price on Provident Financial Services from $29.00 to $30.00 and gave the stock an “outperform” rating in a Monday, Aug. 1 research report.

Price performance of pension financial services

NYSE PFS opened at $20.89 on Tuesday. Provident Financial Services has a 52 week minimum of $19.18 and a 52 week maximum of $26.20. The company has a market capitalization of $1.58 billion, a P/E ratio of 10.00 and a beta of 0.93. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt ratio of 0.67. The company has a 50-day moving average price of $22.66 and a 200-day moving average price of $22.63.

Provident Financial Services (NYSE: PFS – Get a rating) last released its quarterly results on Friday, July 29. The savings and loan company reported EPS of $0.53 for the quarter, beating the consensus estimate of $0.52 by $0.01. Provident Financial Services posted a net margin of 31.96% and a return on equity of 9.59%. The company posted revenue of $120.41 million in the quarter, compared to analyst estimates of $120.12 million. In the same quarter of the previous year, the company achieved EPS of $0.58. The company’s revenue for the quarter increased 7.4% compared to the same quarter last year. Equity research analysts expect Provident Financial Services to post earnings per share of 2.29 for the current year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 26. Investors of record on Friday August 12 received a dividend of $0.24 per share. The ex-dividend date was Thursday, August 11. This represents a dividend of $0.96 on an annualized basis and a dividend yield of 4.60%. Provident Financial Services’ dividend payout ratio (DPR) is currently 45.93%.

Institutional entries and exits

A number of hedge funds have recently changed their positions in the stock. Exchange Traded Concepts LLC increased its stake in shares of Provident Financial Services by 4,475.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 26,264 shares of the savings and loan company valued at $512,000 after acquiring an additional 25,690 shares during the period. Legal & General Group Plc increased its stake in shares of Provident Financial Services by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 214,591 shares in the savings and loan company valued at $4,777,000 after acquiring an additional 2,350 shares during the period. ExodusPoint Capital Management LP purchased a new position in Provident Financial Services stock during Q2 valued at approximately $598,000. Goldman Sachs Group Inc. increased its stake in Provident Financial Services by 113.8% in the second quarter. Goldman Sachs Group Inc. now owns 267,331 shares of the savings and loan company worth $5,951,000 after purchasing an additional 142,287 shares during the period. Finally, Jane Street Group LLC bought a new position in Provident Financial Services in Q2 worth approximately $638,000. 64.32% of the shares are currently held by institutional investors.

Provident financial services company profile

(Get a rating)

Provident Financial Services, Inc. operates as a bank holding company for Provident Bank which provides various personal, family and business banking products and services in the United States. The Company’s deposit products include savings, checks, interest-bearing checks, money market deposits and certificates of deposit accounts, as well as IRA products.

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