Provident Financial Services, Inc (PFS) Given “Hold” Rating at Piper Jaffray Companies

Piper Jaffray Companies reissued their hold rating on shares of Provident Financial Services, Inc (NYSE:PFS) in a research note issued to investors on Friday, July 14th. Piper Jaffray Companies currently has a $25.50 price target on the savings and loans company’s stock.

PFS has been the topic of a number of other reports. Zacks Investment Research raised shares of Provident Financial Services from a sell rating to a hold rating in a research report on Saturday, March 18th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $26.00 target price on shares of Provident Financial Services in a research report on Monday, April 10th. ValuEngine raised shares of Provident Financial Services from a hold rating to a buy rating in a research report on Thursday, June 8th. BidaskClub raised shares of Provident Financial Services from a strong sell rating to a sell rating in a research report on Saturday, June 10th. Finally, Sandler O’Neill raised shares of Provident Financial Services from a hold rating to a buy rating in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $26.90.

Provident Financial Services (NYSE:PFS) opened at 24.44 on Friday. The stock has a 50 day moving average price of $25.57 and a 200 day moving average price of $25.51. Provident Financial Services has a 12 month low of $20.36 and a 12 month high of $28.92. The stock has a market capitalization of $1.57 billion, a PE ratio of 16.86 and a beta of 0.99.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $83.87 million for the quarter, compared to analyst estimates of $81.24 million. Provident Financial Services had a net margin of 25.39% and a return on equity of 7.40%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 EPS. On average, equities research analysts forecast that Provident Financial Services will post $1.48 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, August 11th. This represents a $0.80 dividend on an annualized basis and a yield of 3.27%. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.19. Provident Financial Services’s payout ratio is presently 52.05%.

A number of institutional investors have recently made changes to their positions in the company. State Street Corp raised its position in Provident Financial Services by 10.8% in the fourth quarter. State Street Corp now owns 1,439,420 shares of the savings and loans company’s stock worth $40,736,000 after buying an additional 140,183 shares in the last quarter. FMR LLC purchased a new position in Provident Financial Services during the fourth quarter worth $951,000. Guggenheim Capital LLC raised its position in Provident Financial Services by 0.5% in the fourth quarter. Guggenheim Capital LLC now owns 15,794 shares of the savings and loans company’s stock worth $447,000 after buying an additional 86 shares in the last quarter. Norges Bank purchased a new position in Provident Financial Services during the fourth quarter worth $21,180,000. Finally, Teachers Advisors LLC raised its position in Provident Financial Services by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 917,311 shares of the savings and loans company’s stock worth $25,960,000 after buying an additional 6,281 shares in the last quarter. Institutional investors own 62.50% of the company’s stock.

About Provident Financial Services

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

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