Provident Financial Services, Inc. (NYSE:PFS) Short Interest Down 17.9% in October

Provident Financial Services, Inc. (NYSE:PFS) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,850,000 shares, a decline of 17.9% from the October 15th total of 3,470,000 shares. Based on an average daily volume of 696,500 shares, the days-to-cover ratio is currently 4.1 days.

Provident Financial Services Stock Performance

PFS stock traded up $0.22 during midday trading on Friday, hitting $21.40. 637,624 shares of the company traded hands, compared to its average volume of 884,330. The business has a 50 day simple moving average of $18.99 and a 200-day simple moving average of $17.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. Provident Financial Services has a twelve month low of $13.07 and a twelve month high of $22.23. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 20.58 and a beta of 1.03.

Provident Financial Services (NYSE:PFS) last released its earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.11). The firm had revenue of $349.38 million for the quarter, compared to analyst estimates of $211.25 million. Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. During the same period in the prior year, the firm earned $0.38 EPS. As a group, equities research analysts predict that Provident Financial Services will post 1.84 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.49%. The ex-dividend date is Friday, November 15th. Provident Financial Services’s payout ratio is currently 92.31%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Royal Bank of Canada upped their target price on Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. StockNews.com cut shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded shares of 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 note on Thursday, August 15th. Finally, DA Davidson lifted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to data from MarketBeat, Provident Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, EVP Vito Giannola sold 5,499 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total value of $99,476.91. Following the completion of the sale, the executive vice president now owns 88,656 shares in the company, valued at $1,603,787.04. This represents a 5.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.29% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its position in shares of Provident Financial Services by 73.2% in the 1st quarter. BNP Paribas Financial Markets now owns 36,674 shares of the savings and loans company’s stock worth $534,000 after acquiring an additional 15,498 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of Provident Financial Services by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 66,113 shares of the savings and loans company’s stock worth $963,000 after buying an additional 885 shares during the period. SG Americas Securities LLC bought a new stake in Provident Financial Services in the first quarter valued at $544,000. ProShare Advisors LLC raised its stake in Provident Financial Services by 7.4% during the first quarter. ProShare Advisors LLC now owns 14,856 shares of the savings and loans company’s stock worth $216,000 after acquiring an additional 1,020 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Provident Financial Services by 269.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 77,382 shares of the savings and loans company’s stock valued at $1,127,000 after acquiring an additional 56,410 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company Profile

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.