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

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

A number of other institutional investors have also made changes to their positions in the business. State Board of Administration of Florida Retirement System increased its holdings in shares of Provident Financial Services by 269.0% in 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 purchasing an additional 56,410 shares during the last quarter. SG Americas Securities LLC bought a new position in Provident Financial Services in the 1st quarter valued at about $544,000. Renaissance Technologies LLC bought a new stake in Provident Financial Services in the 2nd quarter valued at $6,990,000. Hsbc Holdings PLC grew its holdings in Provident Financial Services by 334.5% in the 4th quarter. Hsbc Holdings PLC now owns 103,938 shares of the savings and loans company’s stock valued at $1,889,000 after buying an additional 80,018 shares in the last quarter. Finally, Foundry Partners LLC bought a new position in Provident Financial Services during the 2nd quarter worth $2,613,000. 71.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Activity

In related news, EVP Vito Giannola sold 5,499 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the sale, the executive vice president now owns 88,656 shares in the company, valued at approximately $1,603,787.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.29% of the stock is owned by corporate insiders.

Provident Financial Services Price Performance

Shares of 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 market capitalization of $2.33 billion, a PE ratio of 11.16 and a beta of 1.04. The firm has a 50 day moving average of $18.22 and a 200-day moving average of $15.99. Provident Financial Services, Inc. has a 12 month low of $13.07 and a 12 month high of $19.59.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.39). The company had revenue of $141.51 million during 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% compared to the same quarter last year. During the same period last year, the company posted $0.45 EPS. On average, equities research analysts predict that Provident Financial Services, Inc. will post 1.72 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend 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 (DPR) is presently 60.00%.

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.