Provident Financial Services (NYSE:PFS) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Provident Financial Services (NYSE:PFS) from a sell rating to a hold rating in a research report released on Tuesday.

Several other equities research analysts have also recently issued reports on the stock. DA Davidson raised shares of Provident Financial Services from a neutral rating to a buy rating and boosted their price objective for the company from $15.00 to $20.00 in a research report on Monday. Keefe, Bruyette & Woods dropped their price target on Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a research report on Tuesday, March 26th. Royal Bank of Canada lifted their price objective on Provident Financial Services from $18.00 to $19.00 and gave the company an outperform rating in a report on Monday. Finally, TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a report on Wednesday, March 13th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Provident Financial Services presently has an average rating of Moderate Buy and an average target price of $19.00.

Provident Financial Services Stock Performance

NYSE:PFS opened at $15.53 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.07 and a current ratio of 1.08. Provident Financial Services has a fifty-two week low of $13.21 and a fifty-two week high of $19.62. The firm has a market capitalization of $1.17 billion, a PE ratio of 9.71 and a beta of 1.07. The stock’s fifty day moving average is $14.75 and its 200 day moving average is $15.66.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. The firm had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The company’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. On average, sell-side analysts anticipate that Provident Financial Services will post 1.63 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a yield of 6.18%. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Insider Activity

In related news, Director Robert Mcnerney sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the transaction, the director now owns 9,475 shares in the company, valued at approximately $169,223.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of large investors have recently modified their holdings of the business. Orion Portfolio Solutions LLC increased its stake in Provident Financial Services by 8.9% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock valued at $221,000 after purchasing an additional 1,184 shares in the last quarter. WBI Investments Inc. increased its position in shares of Provident Financial Services by 7.4% in the 3rd quarter. WBI Investments Inc. now owns 19,541 shares of the savings and loans company’s stock valued at $299,000 after acquiring an additional 1,338 shares during the period. Valley National Advisers Inc. lifted its position in Provident Financial Services by 5.6% during the 3rd quarter. Valley National Advisers Inc. now owns 27,121 shares of the savings and loans company’s stock worth $415,000 after acquiring an additional 1,434 shares during the period. CWM LLC increased its holdings in shares of Provident Financial Services by 2.7% in the third quarter. CWM LLC now owns 62,897 shares of the savings and loans company’s stock valued at $962,000 after purchasing an additional 1,677 shares during the period. Finally, Swiss National Bank raised its stake in shares of Provident Financial Services by 1.3% in the third quarter. Swiss National Bank now owns 157,800 shares of the savings and loans company’s stock worth $2,413,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.