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

Dark Forest Capital Management LP acquired a new stake in Provident Financial Services, Inc. (NYSE:PFS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 26,764 shares of the savings and loans company's stock, valued at approximately $505,000.

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

Provident Financial Services Stock Performance

NYSE:PFS traded up $0.13 during trading hours on Tuesday, reaching $16.66. 538,766 shares of the stock were exchanged, compared to its average volume of 842,351. The stock has a market capitalization of $2.17 billion, a P/E ratio of 15.87 and a beta of 0.84. The firm has a 50 day simple moving average of $16.67 and a 200-day simple moving average of $18.58. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. Provident Financial Services, Inc. has a 52 week low of $13.07 and a 52 week high of $22.24.

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

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Friday, May 16th. Provident Financial Services's dividend payout ratio (DPR) is 86.49%.

Analyst Ratings Changes

PFS has been the subject of a number of analyst reports. StockNews.com raised Provident Financial Services from a "sell" rating to a "hold" rating in a report on Saturday, February 15th. Royal Bank of Canada cut their target price 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. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Monday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Provident Financial Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.25.

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.