Provident Financial Services, Inc. (NYSE:PFS) Short Interest Update

Provident Financial Services, Inc. (NYSE:PFS) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 3,500,000 shares, a decrease of 19.5% from the September 15th total of 4,350,000 shares. Based on an average daily volume of 909,900 shares, the days-to-cover ratio is currently 3.8 days.

Analyst Ratings Changes

A number of research analysts have weighed in on PFS shares. StockNews.com cut shares of Provident Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 29th. Royal Bank of Canada lifted their price target on Provident Financial Services from $18.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods upgraded Provident Financial Services from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $20.00 to $21.00 in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Provident Financial Services Price Performance

Shares of NYSE PFS traded up $0.74 during trading on Friday, hitting $18.83. The company had a trading volume of 549,096 shares, compared to its average volume of 919,929. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 11.77 and a beta of 1.03. The stock has a fifty day simple moving average of $18.16 and a two-hundred day simple moving average of $16.19. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.08. Provident Financial Services has a fifty-two week low of $13.07 and a fifty-two week high of $19.59.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.39). Provident Financial Services had a return on equity of 4.95% and a net margin of 9.38%. The firm had revenue of $141.51 million during the quarter, compared to analyst estimates of $148.60 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 42.8% on a year-over-year basis. On average, research analysts expect that Provident Financial Services will post 1.72 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 5.10%. The ex-dividend date was Friday, August 16th. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of Provident Financial Services stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the completion of the transaction, the executive vice president now owns 88,656 shares in the company, valued at approximately $1,603,787.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 4.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Provident Financial Services by 51.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,787,088 shares of the savings and loans company’s stock valued at $111,740,000 after buying an additional 2,649,643 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Provident Financial Services by 4,245.5% in the 2nd quarter. Hsbc Holdings PLC now owns 3,996,954 shares of the savings and loans company’s stock valued at $56,877,000 after acquiring an additional 3,904,975 shares during the last quarter. American Century Companies Inc. lifted its stake in Provident Financial Services by 9.7% in the 2nd quarter. American Century Companies Inc. now owns 2,550,462 shares of the savings and loans company’s stock worth $36,599,000 after purchasing an additional 225,839 shares in the last quarter. Systematic Financial Management LP boosted its holdings in shares of Provident Financial Services by 125.3% during the 2nd quarter. Systematic Financial Management LP now owns 1,690,155 shares of the savings and loans company’s stock worth $24,254,000 after purchasing an additional 939,951 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Provident Financial Services by 56.6% in the second quarter. Bank of New York Mellon Corp now owns 1,612,246 shares of the savings and loans company’s stock valued at $23,136,000 after purchasing an additional 582,844 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.