“We view Provident Financial Services, Inc. as a well-run institution with strong credit metrics, balance sheet growth in commercial categories that should generate positive economic returns on capital, diversified fee income that has become a larger contributor to revenue, and strong expense controls. However, we believe the current share price accurately reflects the company’s fundamental position. The stock trades in-line with peers based on 2018 P/E (17.0x vs. 17.4x), but at a discount based on price-to-tangible book (2.1x vs. 2.4x). The current tangible book discount is not enough for us to suggest investors get constructive in the stock considering the peer-like P/E ratio. As such, we maintain our Neutral rating on PFS shares.”,” the firm’s analyst commented.
Other equities analysts have also issued reports about the company. Royal Bank Of Canada reaffirmed a buy rating and issued a $30.00 price objective on shares of Provident Financial Services in a research note on Friday, September 8th. Zacks Investment Research raised Provident Financial Services from a hold rating to a buy rating and set a $30.00 price target on the stock in a research note on Wednesday, August 2nd. Sandler O’Neill raised Provident Financial Services from a hold rating to a buy rating in a research note on Thursday, June 29th. Piper Jaffray Companies reissued a hold rating and issued a $25.50 price target on shares of Provident Financial Services in a research note on Friday, July 14th. Finally, ValuEngine lowered Provident Financial Services from a buy rating to a hold rating in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Provident Financial Services has an average rating of Hold and an average target price of $27.50.
Shares of Provident Financial Services (NYSE:PFS) opened at 28.36 on Friday. The company’s 50-day moving average price is $26.53 and its 200-day moving average price is $25.42. Provident Financial Services has a 1-year low of $21.61 and a 1-year high of $28.92. The company has a market capitalization of $1.83 billion, a PE ratio of 19.56 and a beta of 1.01.
Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Friday, October 27th. The savings and loans company reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.04. The company had revenue of $85.32 million for the quarter, compared to analyst estimates of $83.84 million. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. During the same period in the previous year, the firm earned $0.36 earnings per share. On average, equities analysts expect that Provident Financial Services will post $1.49 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its stake in Provident Financial Services by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 24,700 shares of the savings and loans company’s stock valued at $627,000 after buying an additional 100 shares during the period. Arizona State Retirement System lifted its stake in Provident Financial Services by 0.3% in the second quarter. Arizona State Retirement System now owns 31,618 shares of the savings and loans company’s stock valued at $802,000 after buying an additional 100 shares during the period. Amalgamated Bank lifted its stake in Provident Financial Services by 1.5% in the second quarter. Amalgamated Bank now owns 8,387 shares of the savings and loans company’s stock valued at $213,000 after buying an additional 126 shares during the period. PNC Financial Services Group Inc. lifted its stake in Provident Financial Services by 0.5% in the first quarter. PNC Financial Services Group Inc. now owns 24,995 shares of the savings and loans company’s stock valued at $647,000 after buying an additional 135 shares during the period. Finally, Texas Permanent School Fund lifted its stake in Provident Financial Services by 1.2% in the second quarter. Texas Permanent School Fund now owns 44,301 shares of the savings and loans company’s stock valued at $1,124,000 after buying an additional 521 shares during the period. 61.24% of the stock is currently owned by hedge funds and other institutional investors.
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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