Provident Financial Services (NYSE:PFS) Now Covered by Analysts at DA Davidson

Investment analysts at DA Davidson started coverage on shares of Provident Financial Services (NYSE:PFS) in a note issued to investors on Wednesday. The firm set a “neutral” rating and a $25.00 price target on the savings and loans company’s stock. DA Davidson’s target price suggests a potential upside of 14.17% from the stock’s previous close.

Several other equities analysts have also commented on PFS. Keefe, Bruyette & Woods upped their price target on shares of Provident Financial Services from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Royal Bank Of Canada set a $25.00 price target on shares of Provident Financial Services in a research note on Thursday, January 29th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.90.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $21.90 on Wednesday. The company has a market cap of $2.86 billion, a P/E ratio of 9.82 and a beta of 0.86. The business has a 50 day moving average of $21.35 and a two-hundred day moving average of $20.02. Provident Financial Services has a 52 week low of $14.34 and a 52 week high of $23.98. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.90.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Tuesday, January 27th. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $225.03 million for the quarter, compared to the consensus estimate of $224.08 million. Provident Financial Services had a return on equity of 10.69% and a net margin of 21.06%.The business’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. As a group, analysts anticipate that Provident Financial Services will post 2.14 EPS for the current year.

Provident Financial Services announced that its Board of Directors has authorized a share buyback program on Monday, January 26th that allows the company to buyback $2.81 million in shares. This buyback authorization allows the savings and loans company to purchase up to 0.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its holdings in shares of Provident Financial Services by 2,957.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company’s stock valued at $15,547,000 after purchasing an additional 761,427 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Provident Financial Services by 40.4% in the 3rd quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company’s stock valued at $44,513,000 after acquiring an additional 664,021 shares in the last quarter. Simon Quick Advisors LLC acquired a new position in Provident Financial Services in the 2nd quarter worth approximately $10,545,000. Wellington Management Group LLP grew its position in Provident Financial Services by 10.0% during the 3rd quarter. Wellington Management Group LLP now owns 6,359,098 shares of the savings and loans company’s stock worth $122,603,000 after purchasing an additional 576,673 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Provident Financial Services by 38.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,239,628 shares of the savings and loans company’s stock valued at $24,483,000 after purchasing an additional 342,301 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

About Provident Financial Services

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.