Provident Financial Services, Inc. (NYSE:PFS) Receives Average Rating of “Buy” from Analysts

Shares of Provident Financial Services, Inc. (NYSE:PFS) have earned a consensus rating of “Buy” from the four analysts that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $23.50.

A number of equities research analysts have commented on PFS shares. DA Davidson upped their price target on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Hovde Group began coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They set an “outperform” rating and a $25.00 target price for the company. Finally, StockNews.com downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $18.39 on Tuesday. The company has a market capitalization of $2.40 billion, a PE ratio of 17.68 and a beta of 1.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The stock has a 50-day moving average price of $20.12 and a two-hundred day moving average price of $18.68. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.24.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.11). The business had revenue of $349.38 million for the quarter, compared to analyst estimates of $211.25 million. Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. During the same quarter in the prior year, the business earned $0.38 earnings per share. Analysts expect that Provident Financial Services will post 1.84 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 5.22%. The ex-dividend date was Friday, November 15th. Provident Financial Services’s dividend payout ratio (DPR) is presently 92.31%.

Insiders Place Their Bets

In related news, EVP James A. Christy sold 3,500 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the transaction, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. The trade was a 9.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Several hedge funds and other institutional investors have recently bought and sold shares of PFS. Nomura Asset Management Co. Ltd. grew its stake in shares of Provident Financial Services by 120.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after buying an additional 820 shares during the period. International Assets Investment Management LLC grew its stake in Provident Financial Services by 1,779.7% in the third quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock valued at $146,000 after acquiring an additional 7,457 shares during the period. Algert Global LLC bought a new stake in shares of Provident Financial Services during the second quarter valued at approximately $178,000. Intech Investment Management LLC bought a new stake in Provident Financial Services during the 2nd quarter valued at $186,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Provident Financial Services in the 2nd quarter worth about $187,000. 71.97% of the stock is owned by institutional investors.

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.