Provident Financial Services, Inc. (NYSE:PFS) Receives Average Recommendation of “Buy” from Analysts

Shares of Provident Financial Services, Inc. (NYSE:PFS) have been given an average rating of “Buy” by the seven research firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $20.33.

PFS has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Wednesday, February 3rd. Royal Bank of Canada raised shares of Provident Financial Services from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $23.00 to $26.00 in a report on Thursday, March 11th. Barclays reissued an “overweight” rating on shares of Provident Financial Services in a report on Monday, February 22nd. Finally, Boenning Scattergood downgraded shares of Provident Financial Services from an “outperform” rating to a “neutral” rating in a report on Monday, February 1st.

PFS traded up $0.15 on Thursday, reaching $22.82. The company had a trading volume of 227,351 shares, compared to its average volume of 370,308. Provident Financial Services has a fifty-two week low of $10.55 and a fifty-two week high of $24.20. The stock has a market cap of $1.78 billion, a P/E ratio of 18.28 and a beta of 1.04. The company’s fifty day moving average is $21.84 and its 200 day moving average is $17.62. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.07.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, January 29th. The savings and loans company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.17. The business had revenue of $109.19 million for the quarter, compared to analyst estimates of $108.42 million. Provident Financial Services had a net margin of 19.45% and a return on equity of 5.64%. Provident Financial Services’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 EPS. On average, sell-side analysts expect that Provident Financial Services will post 1.18 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, February 26th. Stockholders of record on Friday, February 12th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date was Thursday, February 11th. Provident Financial Services’s dividend payout ratio (DPR) is presently 52.87%.

In other news, EVP James A. Christy sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, March 11th. The shares were sold at an average price of $23.37, for a total transaction of $93,480.00. Following the completion of the sale, the executive vice president now owns 27,227 shares of the company’s stock, valued at approximately $636,294.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new position in Provident Financial Services in the 1st quarter valued at approximately $210,000. Norges Bank bought a new position in Provident Financial Services in the 4th quarter valued at approximately $17,187,000. Hsbc Holdings PLC bought a new position in Provident Financial Services in the 4th quarter valued at approximately $195,000. Principal Financial Group Inc. lifted its stake in Provident Financial Services by 153.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,449,256 shares of the savings and loans company’s stock valued at $26,028,000 after purchasing an additional 877,367 shares during the last quarter. Finally, Mcdonald Partners LLC bought a new position in Provident Financial Services in the 4th quarter valued at approximately $195,000. 61.48% 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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

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Analyst Recommendations for Provident Financial Services (NYSE:PFS)

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