Brokerages Set Provident Financial Services, Inc. (NYSE:PFS) Target Price at $19.00

Shares of Provident Financial Services, Inc. (NYSE:PFSGet Free Report) have earned a consensus recommendation of “Moderate Buy” from the four analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $18.75.

PFS has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. StockNews.com upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. DA Davidson upgraded Provident Financial Services from a “neutral” rating to a “buy” rating and lifted their price target for the company from $15.00 to $20.00 in a research report on Monday, April 22nd. TheStreet downgraded shares of Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Finally, Royal Bank of Canada dropped their price target on Provident Financial Services from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday.

Read Our Latest Stock Analysis on PFS

Institutional Trading of Provident Financial Services

Hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new position in Provident Financial Services in the second quarter valued at about $29,000. TFO Wealth Partners LLC lifted its stake in Provident Financial Services by 17,508.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock valued at $38,000 after acquiring an additional 2,101 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Provident Financial Services in the first quarter worth approximately $76,000. International Assets Investment Management LLC raised its holdings in shares of Provident Financial Services by 1,728.7% during the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock valued at $132,000 after purchasing an additional 6,932 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new position in Provident Financial Services during the first quarter valued at about $149,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Services Stock Up 3.1 %

Shares of Provident Financial Services stock opened at $15.10 on Friday. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 9.43 and a beta of 1.03. The business’s 50 day simple moving average is $14.54 and its 200-day simple moving average is $15.29. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.25. Provident Financial Services has a twelve month low of $13.07 and a twelve month high of $19.62.

Provident Financial Services (NYSE:PFSGet Free Report) last announced its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The company had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year. Equities research analysts forecast that Provident Financial Services will post 1.63 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, April 29th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.36%. Provident Financial Services’s dividend payout ratio is 60.00%.

About Provident Financial Services

(Get Free Report

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.

Recommended Stories

Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.