Provident Financial Services’ (PFS) “Hold” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their hold rating on shares of Provident Financial Services, Inc (NYSE:PFS) in a report issued on Wednesday morning. They currently have a $28.50 price objective on the savings and loans company’s stock.

A number of other equities research analysts have also weighed in on the stock. Piper Jaffray Companies reissued a hold rating and set a $25.50 price objective on shares of Provident Financial Services in a report on Friday, July 14th. ValuEngine lowered shares of Provident Financial Services from a buy rating to a hold rating in a report on Tuesday, July 25th. BidaskClub lowered shares of Provident Financial Services from a hold rating to a sell rating in a report on Monday, July 24th. Zacks Investment Research raised shares of Provident Financial Services from a hold rating to a buy rating and set a $30.00 price objective on the stock in a report on Wednesday. Finally, Boenning Scattergood reissued a hold rating on shares of Provident Financial Services in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $27.80.

Provident Financial Services (PFS) opened at $26.96 on Wednesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.10 and a current ratio of 1.08. The firm has a market capitalization of $1.80 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Friday, October 27th. The savings and loans company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.04. Provident Financial Services had a net margin of 25.90% and a return on equity of 7.61%. The business had revenue of $85.32 million for the quarter, compared to analyst estimates of $83.84 million. During the same period in the previous year, the company earned $0.36 earnings per share. analysts predict that Provident Financial Services will post 1.52 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Wednesday, November 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Tuesday, November 14th. Provident Financial Services’s payout ratio is 52.98%.

In other Provident Financial Services news, Director Edward Odonnell sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.30, for a total value of $81,900.00. Following the completion of the transaction, the director now owns 91,335 shares in the company, valued at $2,493,445.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of PFS. BlackRock Inc. raised its position in shares of Provident Financial Services by 43,449.2% in the first quarter. BlackRock Inc. now owns 7,524,873 shares of the savings and loans company’s stock worth $194,518,000 after acquiring an additional 7,507,594 shares during the period. Vanguard Group Inc. raised its position in shares of Provident Financial Services by 7.7% in the first quarter. Vanguard Group Inc. now owns 5,548,692 shares of the savings and loans company’s stock worth $143,433,000 after acquiring an additional 394,788 shares during the period. Aberdeen Asset Management PLC UK acquired a new position in shares of Provident Financial Services in the second quarter worth about $4,776,000. Northern Trust Corp raised its position in shares of Provident Financial Services by 5.7% during the 2nd quarter. Northern Trust Corp now owns 2,444,532 shares of the savings and loans company’s stock worth $62,043,000 after purchasing an additional 132,884 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Provident Financial Services during the 3rd quarter worth about $1,807,000. Institutional investors and hedge funds own 61.40% of the company’s stock.

Provident Financial Services Company Profile

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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