Provident Financial Services, Inc. (NYSE:PFS) Shares Bought by Cubist Systematic Strategies LLC

VaselineSeptember 28, 2024

0 4 minutes read

Cubist Systematic Strategies LLC raised its holdings in shares of Provident Financial Services, Inc. (NYSE:PFS – Free Report) by 59.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,603 shares of the savings and loans company’s stock after purchasing an additional 179,987 shares during the period. Cubist Systematic Strategies LLC owned about 0.37% of Provident Financial Services worth $6,925,000 as of its most recent SEC filing.

A number of other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its stake in Provident Financial Services by 4,245.5% during the second quarter. Hsbc Holdings PLC now owns 3,996,954 shares of the savings and loans company’s stock valued at $56,877,000 after buying an additional 3,904,975 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Provident Financial Services by 51.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,787,088 shares of the savings and loans company’s stock valued at $111,740,000 after purchasing an additional 2,649,643 shares during the period. Bank of New York Mellon Corp raised its position in shares of Provident Financial Services by 56.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,612,246 shares of the savings and loans company’s stock worth 23,136 shares. $000,000 after buying an additional 582,844 shares in the last quarter. Norges Bank acquired a new stake in shares of Provident Financial Services in the fourth quarter valued at about $9,419,000. Finally, Renaissance Technologies LLC bought a new position in shares of Provident Financial Services in the second quarter valued at approximately $6,990,000. Institutional investors and hedge funds own 71.97% of the company’s shares.

The Wall Street analyst weighs in

Several equities analysts recently issued reports on PFS shares. StockNews.com downgraded 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 upped their target price for the stock from $20.00 to $21.00 in a report of research on Thursday, August 15. Finally, Royal Bank of Canada boosted their price objective on shares of Provident Financial Services from $18.00 to $21.00 and gave the company an “outperform” rating in a research report on Monday. , July 29. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. Provident Financial Services currently has an average rating of “Moderate Buy” and an average price target of $20.67, according to MarketBeat.com.

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See our latest report on PFS

Provident Financial Services stocks fell 0.8%

Shares of Provident Financial Services stock opened at $18.12 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03, and a debt-to-equity ratio of 1.08. Provident Financial Services, Inc. has a 12-month low of $13.07 and a 12-month high of $19.59. The firm has a market cap of $2.36 billion, a PE ratio of 11.33 and a beta of 1.04. The stock’s fifty-day moving average is $18.20, and its 200-day moving average is $15.92.

Provident Financial Services (NYSE:PFS – Get Your Free Report ) last issued its earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.39). The firm had revenue of $141.51 million during the quarter, compared to analysts’ expectations of $148.60 million. Provident Financial Services had a return on equity of 4.95% and a net margin of 9.38%. The company’s revenues increased by 42.8% year-on-year. In the same period last year, the company earned $0.45 per share. Equities analysts anticipate that Provident Financial Services, Inc. will post 1.72 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently announced 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. This represents an annualized dividend of $0.96 and a yield of 5.30%. The ex-dividend date of this dividend was Friday, August 16. Provident Financial Services’s dividend payout ratio (DPR) is currently 60.00%.

Indoor activity

In other news, EVP Vito Giannola sold 5,499 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total value of $99,476.91. Following the transaction, 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 on the SEC’s website. Corporate insiders own 4.29% of the company’s shares.

Provident Financial Services Company Profile

(Free Report)

Provident Financial Services, Inc operates as the bank holding company for Provident Bank, which 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 deposits and certificates of deposit accounts, as well as IRA products.