Provident Financial Services (NYSE:PFS) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Provident Financial Services (NYSE:PFS) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

Several other equities analysts have also commented on PFS. 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 price target for the company. DA Davidson upped their price objective on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.50.

Provident Financial Services Stock Performance

Shares of NYSE PFS opened at $18.35 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $2.39 billion, a PE ratio of 17.64 and a beta of 1.08. The company has a 50-day simple moving average of $19.64 and a 200-day simple moving average of $19.02. 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 announced its quarterly earnings data on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. On average, equities analysts anticipate that Provident Financial Services will post 1.84 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date is Friday, February 14th. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Insider Activity at Provident Financial Services

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the sale, the executive vice president now owns 34,254 shares of the company’s stock, valued at $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Provident Financial Services

Large investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its position in Provident Financial Services by 39.8% in the 3rd quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock valued at $5,883,000 after buying an additional 90,238 shares during the last quarter. LMR Partners LLP purchased a new position in Provident Financial Services in the third quarter valued at about $508,000. Royce & Associates LP acquired a new stake in Provident Financial Services during the 3rd quarter valued at approximately $766,000. Geode Capital Management LLC increased its holdings in Provident Financial Services by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock worth $54,715,000 after purchasing an additional 53,943 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Provident Financial Services by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,792,792 shares of the savings and loans company’s stock valued at $33,274,000 after purchasing an additional 102,737 shares in the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

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.