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

Shares of Provident Financial Services, Inc (NYSE:PFS) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $22.70.

Several equities research analysts have commented on the company. DA Davidson lowered Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Zacks Research cut Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Provident Financial Services in a report on Wednesday, October 8th.

Provident Financial Services Stock Performance

NYSE:PFS opened at $19.18 on Friday. Provident Financial Services has a 1-year low of $14.34 and a 1-year high of $21.62. The firm has a 50 day simple moving average of $18.90 and a 200-day simple moving average of $18.47. The firm has a market cap of $2.51 billion, a PE ratio of 9.79 and a beta of 0.95. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.03 and a quick ratio of 1.03.

Provident Financial Services (NYSE:PFS) last released its earnings results on Thursday, February 17th. The savings and loans company reported $0.68 EPS for the quarter. The firm had revenue of $114.54 million during the quarter. Provident Financial Services had a return on equity of 9.72% and a net margin of 18.76%. On average, equities analysts expect that Provident Financial Services will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, November 14th. Provident Financial Services’s dividend payout ratio is presently 48.98%.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, CEO George Lista sold 8,262 shares of Provident Financial Services stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $18.35, for a total value of $151,607.70. Following the completion of the transaction, the chief executive officer directly owned 108,656 shares in the company, valued at $1,993,837.60. The trade was a 7.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Pugliese sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $19.91, for a total value of $497,750.00. Following the transaction, the director owned 87,907 shares of the company’s stock, valued at $1,750,228.37. This represents a 22.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 36,262 shares of company stock worth $709,058 in the last ninety days. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Provident Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in PFS. GAMMA Investing LLC lifted its stake in shares of Provident Financial Services by 45.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock valued at $34,000 after purchasing an additional 548 shares during the last quarter. Arizona State Retirement System raised its position in shares of Provident Financial Services by 1.5% in the third quarter. Arizona State Retirement System now owns 36,730 shares of the savings and loans company’s stock valued at $708,000 after purchasing an additional 549 shares during the period. Amalgamated Bank grew its stake in Provident Financial Services by 1.7% in the 3rd quarter. Amalgamated Bank now owns 37,828 shares of the savings and loans company’s stock valued at $729,000 after buying an additional 618 shares during the last quarter. Leigh Baldwin & CO. LLC grew its stake in Provident Financial Services by 1.3% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 49,643 shares of the savings and loans company’s stock valued at $852,000 after buying an additional 645 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Provident Financial Services by 30.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company’s stock worth $50,000 after acquiring an additional 667 shares during the period. 71.97% of the stock is currently 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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.