Zacks Investment Research lowered shares of Provident Financial Services, Inc (NYSE:PFS) from a buy rating to a hold rating in a research report released on Thursday morning.

According to Zacks, “Provident Financial Services, Inc. is the holding company of The Provident Bank, a community- and customer-oriented banking company. The Provident Bank emphasizes personal service and customer convenience in attending to the financial needs of individuals, families and businesses in northern and central New Jersey. The bank offers a broad array of deposit, loan, trust and investment products. In keeping with its Customer-Centric Strategy. “

A number of other analysts have also issued reports on PFS. BidaskClub lowered Provident Financial Services from a sell rating to a strong sell rating in a research report on Thursday, August 10th. Piper Jaffray Companies reaffirmed a hold rating and set a $25.50 target price on shares of Provident Financial Services in a research report on Friday, July 14th. ValuEngine lowered Provident Financial Services from a buy rating to a hold rating in a research report on Tuesday, July 25th. DA Davidson began coverage on Provident Financial Services in a research report on Friday, September 1st. They set a neutral rating and a $25.00 target price on the stock. Finally, Sandler O’Neill raised Provident Financial Services from a hold rating to a buy rating in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $27.50.

Provident Financial Services (NYSE:PFS) opened at 26.67 on Thursday. The stock has a 50 day moving average price of $24.90 and a 200-day moving average price of $25.14. The stock has a market cap of $1.72 billion, a P/E ratio of 18.39 and a beta of 1.00. Provident Financial Services has a 12-month low of $20.73 and a 12-month high of $28.92.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.02. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The business had revenue of $83.87 million for the quarter, compared to analyst estimates of $81.24 million. During the same period in the previous year, the company earned $0.34 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts expect that Provident Financial Services will post $1.49 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This report was first posted by Watch List News and is the property of of Watch List News. If you are reading this report on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The original version of this report can be read at https://www.watchlistnews.com/zacks-investment-research-lowers-provident-financial-services-inc-pfs-to-hold/1600886.html.

A number of institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System increased its holdings in Provident Financial Services by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 24,700 shares of the savings and loans company’s stock valued at $627,000 after buying an additional 100 shares during the last quarter. Arizona State Retirement System increased its holdings in Provident Financial Services by 0.3% in the second quarter. Arizona State Retirement System now owns 31,618 shares of the savings and loans company’s stock valued at $802,000 after buying an additional 100 shares during the last quarter. Amalgamated Bank increased its holdings in Provident Financial Services by 1.5% in the second quarter. Amalgamated Bank now owns 8,387 shares of the savings and loans company’s stock valued at $213,000 after buying an additional 126 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Provident Financial Services by 0.5% in the first quarter. PNC Financial Services Group Inc. now owns 24,995 shares of the savings and loans company’s stock valued at $647,000 after buying an additional 135 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in Provident Financial Services by 1.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,636 shares of the savings and loans company’s stock valued at $508,000 after buying an additional 300 shares during the last quarter. 61.23% of the stock is owned by hedge funds and other institutional investors.

About Provident Financial Services

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

Get a free copy of the Zacks research report on Provident Financial Services (PFS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Provident Financial Services (NYSE:PFS)

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