Provident Financial Services, Inc (PFS) – What Are Investment Firms Saying About This Stock?

Shares of Provident Financial Services, Inc (NYSE:PFS) have earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $26.79.

A number of brokerages have issued reports on PFS. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. Hovde Group raised their price objective on shares of Provident Financial Services from $26.50 to $28.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. DA Davidson set a $26.00 price objective on shares of Provident Financial Services in a research note on Friday, July 31st. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $28.00 price objective (up from $26.00) on shares of Provident Financial Services in a report on Monday, August 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $29.00 target price (up from $26.00) on shares of Provident Financial Services in a research note on Friday, July 31st.

Provident Financial Services Trading Up 2.1%

Shares of NYSE PFS opened at $22.57 on Wednesday. Provident Financial Services has a twelve month low of $17.70 and a twelve month high of $25.49. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.99. The stock has a fifty day simple moving average of $23.08 and a 200-day simple moving average of $23.02. The stock has a market capitalization of $2.94 billion, a PE ratio of 9.21 and a beta of 0.83.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Provident Financial Services had a return on equity of 11.00% and a net margin of 22.15%. The firm had revenue of $234.96 million for the quarter, compared to analyst estimates of $225.57 million. During the same quarter in the prior year, the company earned $0.55 EPS. On average, equities analysts forecast that Provident Financial Services will post 2.44 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, August 28th. Shareholders of record on Friday, August 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Friday, August 14th. Provident Financial Services’s dividend payout ratio (DPR) is currently 40.00%.

Insider Buying and Selling at Provident Financial Services

In other news, Director Thomas Shara sold 40,266 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $23.06, for a total value of $928,533.96. Following the sale, the director directly owned 382,911 shares in the company, valued at approximately $8,829,927.66. This trade represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vito Giannola sold 20,000 shares of Provident Financial Services stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $24.36, for a total value of $487,200.00. Following the completion of the transaction, the executive vice president owned 56,424 shares of the company’s stock, valued at approximately $1,374,488.64. This trade represents a 26.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 79,166 shares of company stock valued at $1,856,284 in the last 90 days. Company insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nykredit A S purchased a new stake in shares of Provident Financial Services in the 2nd quarter valued at approximately $55,000. GAMMA Investing LLC raised its holdings in shares of Provident Financial Services by 26.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,230 shares of the savings and loans company’s stock valued at $72,000 after purchasing an additional 681 shares in the last quarter. First Bancorp Inc ME acquired a new stake in shares of Provident Financial Services in the 2nd quarter valued at $86,000. Baron Wealth Management LLC acquired a new stake in shares of Provident Financial Services in the 2nd quarter valued at $212,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Provident Financial Services by 37.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 9,872 shares of the savings and loans company’s stock worth $219,000 after purchasing an additional 2,667 shares during the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

About Provident Financial Services

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community and commercial bank serving individuals, businesses and organizations. The bank provides checking and savings accounts, certificates of deposit, treasury management and other deposit products, along with residential mortgage, commercial real estate, commercial business and consumer lending.

Through its banking and wealth-management operations, Provident offers services that may include investment management, trust and fiduciary services, financial planning and insurance solutions.