Royal Bank of Canada Issues Pessimistic Forecast for Provident Financial Services (NYSE:PFS) Stock Price

Provident Financial Services (NYSE:PFS) had its price target reduced by research analysts at Royal Bank of Canada from $24.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the savings and loans company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 23.78% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. DA Davidson boosted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Hovde Group initiated coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock traded up $0.27 on Thursday, hitting $18.58. 150,477 shares of the company traded hands, compared to its average volume of 571,658. Provident Financial Services has a 52 week low of $13.07 and a 52 week high of $22.24. The business has a 50-day simple moving average of $19.64 and a 200 day simple moving average of $19.02. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $2.42 billion, a P/E ratio of 17.89 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings data on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. Research analysts expect that Provident Financial Services will post 1.84 earnings per share for the current fiscal year.

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 stock was 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 approximately $715,223.52. This represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in PFS. Wellington Management Group LLP boosted its position in Provident Financial Services by 13,182.2% during the third quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock worth $34,421,000 after acquiring an additional 1,840,633 shares during the last quarter. State Street Corp lifted its stake in Provident Financial Services by 10.2% during the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock worth $142,605,000 after purchasing an additional 713,688 shares in the last quarter. Basswood Capital Management L.L.C. lifted its stake in Provident Financial Services by 87.3% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 892,708 shares of the savings and loans company’s stock worth $16,569,000 after acquiring an additional 416,020 shares in the last quarter. Chartwell Investment Partners LLC purchased a new position in shares of Provident Financial Services in the third quarter valued at approximately $5,564,000. Finally, JPMorgan Chase & Co. boosted its position in Provident Financial Services by 55.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock valued at $14,771,000 after buying an additional 283,879 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.

About Provident Financial Services

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.