Dark Forest Capital Management LP Invests $505,000 in Provident Financial Services, Inc. (NYSE:PFS)

Dark Forest Capital Management LP bought a new position in Provident Financial Services, Inc. (NYSE:PFS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,764 shares of the savings and loans company's stock, valued at approximately $505,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Hsbc Holdings PLC increased its stake in shares of Provident Financial Services by 6.9% in the 4th quarter. Hsbc Holdings PLC now owns 1,692,001 shares of the savings and loans company's stock valued at $31,928,000 after acquiring an additional 109,923 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Provident Financial Services by 72.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,353 shares of the savings and loans company's stock valued at $761,000 after purchasing an additional 17,000 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Provident Financial Services by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 76,839 shares of the savings and loans company's stock valued at $1,450,000 after purchasing an additional 4,167 shares during the period. Forum Financial Management LP boosted its position in shares of Provident Financial Services by 18.6% during the 4th quarter. Forum Financial Management LP now owns 13,845 shares of the savings and loans company's stock worth $261,000 after purchasing an additional 2,176 shares in the last quarter. Finally, Mariner LLC grew its stake in shares of Provident Financial Services by 14.1% in the 4th quarter. Mariner LLC now owns 28,427 shares of the savings and loans company's stock valued at $536,000 after buying an additional 3,506 shares during the period. 71.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price target on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Monday. StockNews.com upgraded Provident Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, February 15th. Finally, Royal Bank of Canada decreased their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Provident Financial Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

Provident Financial Services Stock Up 3.1 %

Provident Financial Services stock traded up $0.51 during trading on Friday, hitting $17.20. 103,586 shares of the company were exchanged, compared to its average volume of 839,899. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The business's 50 day moving average is $16.58 and its 200 day moving average is $18.54. Provident Financial Services, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24. The company has a market capitalization of $2.24 billion, a P/E ratio of 16.40 and a beta of 0.84.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. The firm had revenue of $208.76 million during the quarter, compared to analyst estimates of $206.86 million. During the same quarter in the prior year, the business posted $0.43 EPS. The business's revenue was up 82.4% compared to the same quarter last year. Analysts predict that Provident Financial Services, Inc. will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend is Friday, May 16th. Provident Financial Services's dividend payout ratio is presently 86.49%.

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.