Provident Financial Services, Inc. (NYSE:PFS) saw a large increase in short interest in June. As of June 30th, there was short interest totalling 1,938,500 shares, an increase of 15.4% from the May 30th total of 1,679,900 shares. Based on an average trading volume of 163,700 shares, the days-to-cover ratio is currently 11.8 days. Approximately 3.2% of the shares of the company are short sold.
A number of research firms recently issued reports on PFS. Boenning Scattergood set a $63.00 price objective on Citizens Financial Services and gave the company a “buy” rating in a research report on Friday, April 26th. Zacks Investment Research restated a “hold” rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. Finally, ValuEngine lowered Verso from a “hold” rating to a “sell” rating in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $27.50.
In related news, EVP Brian Giovinazzi sold 7,964 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $24.10, for a total transaction of $191,932.40. Following the completion of the transaction, the executive vice president now owns 102,528 shares in the company, valued at approximately $2,470,924.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlos Hernandez sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.52, for a total value of $70,560.00. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Provident Financial Services by 5.1% during the fourth quarter. BlackRock Inc. now owns 9,345,503 shares of the savings and loans company’s stock valued at $225,507,000 after buying an additional 450,143 shares during the last quarter. Texas Permanent School Fund increased its position in Provident Financial Services by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 40,233 shares of the savings and loans company’s stock worth $971,000 after purchasing an additional 1,551 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Provident Financial Services in the fourth quarter worth $319,000. Raymond James & Associates increased its position in Provident Financial Services by 7.6% in the fourth quarter. Raymond James & Associates now owns 11,494 shares of the savings and loans company’s stock worth $277,000 after purchasing an additional 809 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in Provident Financial Services in the fourth quarter worth $251,000. Institutional investors own 64.75% of the company’s stock.
PFS stock traded up $0.19 during trading on Friday, reaching $24.71. 127,942 shares of the company’s stock were exchanged, compared to its average volume of 185,442. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. Provident Financial Services has a 1-year low of $22.22 and a 1-year high of $28.15. The company has a fifty day simple moving average of $24.05. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.62 and a beta of 0.60.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, April 26th. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Provident Financial Services had a return on equity of 9.03% and a net margin of 28.66%. The company had revenue of $87.20 million during the quarter, compared to analyst estimates of $90.53 million. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, analysts anticipate that Provident Financial Services will post 1.89 earnings per share for the current year.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA, and KEOGH products.
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