Squarepoint Ops LLC Has $3.43 Million Stake in Provident Financial Services, Inc. (NYSE:PFS)

Squarepoint Ops LLC decreased its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS) by 16.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 238,736 shares of the savings and loans company’s stock after selling 47,549 shares during the quarter. Squarepoint Ops LLC owned about 0.18% of Provident Financial Services worth $3,426,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 1,685 shares during the period. Rise Advisors LLC acquired a new stake in shares of Provident Financial Services in the second quarter valued at approximately $29,000. TFO Wealth Partners LLC lifted its stake in shares of Provident Financial Services by 17,508.3% during the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock valued at $38,000 after acquiring an additional 2,101 shares during the period. Nisa Investment Advisors LLC increased its position in Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after purchasing an additional 1,218 shares during the period. Finally, EntryPoint Capital LLC bought a new stake in Provident Financial Services during the 1st quarter worth about $76,000. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Stock Down 3.6 %

NYSE:PFS opened at $17.89 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.08. The stock has a 50-day moving average price of $18.22 and a two-hundred day moving average price of $15.99. Provident Financial Services, Inc. has a 1 year low of $13.07 and a 1 year high of $19.59. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 11.16 and a beta of 1.04.

Provident Financial Services (NYSE:PFS) last issued 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). The company had revenue of $141.51 million for the quarter, compared to the consensus estimate of $148.60 million. Provident Financial Services had a return on equity of 4.95% and a net margin of 9.38%. The firm’s revenue was up 42.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. As a group, equities analysts expect that Provident Financial Services, Inc. will post 1.72 earnings per share for the current year.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.24 per share. The ex-dividend date was Friday, August 16th. This represents a $0.96 annualized dividend and a dividend yield of 5.37%. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Analyst Ratings Changes

PFS has been the topic of several analyst reports. Royal Bank of Canada increased their price objective on shares of Provident Financial Services from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, July 29th. StockNews.com cut Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised Provident Financial Services from a “market perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $21.00 in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Insider Buying and Selling

In other news, EVP Vito Giannola sold 5,499 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were 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 directly owns 88,656 shares of the company’s stock, valued at approximately $1,603,787.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.29% of the stock is owned by corporate insiders.

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.