Y Intercept Hong Kong Ltd Invests $2.87 Million in Provident Financial Services, Inc $PFS

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Provident Financial Services, buying 135,540 shares worth about $2.87 million in the first quarter and owning roughly 0.10% of the company.
• Provident Financial Services reported better-than-expected quarterly earnings of $0.61 per share, topping estimates, while revenue rose 7.9% year over year to $225.2 million.
• Analysts remain generally constructive on PFS, with a Moderate Buy consensus and a median price target of $24.79; the company also paid a quarterly dividend of $0.24 per share, implying a 4.1% yield.

Y Intercept Hong Kong Ltd acquired a new position in Provident Financial Services, Inc (NYSE:PFS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 135,540 shares of the savings and loans company's stock, valued at approximately $2,868,000. Y Intercept Hong Kong Ltd owned approximately 0.10% of Provident Financial Services as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PFS. Assenagon Asset Management S.A. grew its position in shares of Provident Financial Services by 2,957.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company's stock valued at $15,547,000 after purchasing an additional 761,427 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Provident Financial Services by 10.0% during the 3rd quarter. Wellington Management Group LLP now owns 6,359,098 shares of the savings and loans company's stock worth $122,603,000 after purchasing an additional 576,673 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Provident Financial Services by 38.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,239,628 shares of the savings and loans company's stock valued at $24,483,000 after buying an additional 342,301 shares in the last quarter. AQR Capital Management LLC lifted its stake in Provident Financial Services by 251.3% in the 2nd quarter. AQR Capital Management LLC now owns 413,107 shares of the savings and loans company's stock valued at $7,242,000 after buying an additional 295,521 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Provident Financial Services by 34.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company's stock valued at $21,145,000 after buying an additional 279,216 shares during the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer owned 109,262 shares in the company, valued at approximately $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PFS shares. Keefe, Bruyette & Woods boosted their price target on Provident Financial Services from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Piper Sandler assumed coverage on Provident Financial Services in a research report on Monday, March 16th. They set an "overweight" rating and a $25.00 price objective for the company. Stephens began coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They issued an "equal weight" rating and a $24.00 target price for the company. DA Davidson reaffirmed a "neutral" rating and set a $23.00 price target on shares of Provident Financial Services in a research note on Friday, May 1st. Finally, Raymond James Financial lifted their price target on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.79.

Provident Financial Services Price Performance

PFS stock opened at $23.55 on Wednesday. The company has a market cap of $3.07 billion, a PE ratio of 10.02 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The stock has a 50-day moving average price of $22.67 and a two-hundred day moving average price of $21.83. Provident Financial Services, Inc has a 12-month low of $17.61 and a 12-month high of $24.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.06. The company had revenue of $225.20 million during the quarter, compared to the consensus estimate of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. Provident Financial Services's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.49 earnings per share. As a group, research analysts predict that Provident Financial Services, Inc will post 2.36 EPS for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 15th. Provident Financial Services's payout ratio is currently 40.85%.

About Provident Financial Services

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.

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