Provident Financial Services (NYSE:PFS) Reaches New 12-Month High – What’s Next?

Provident Financial Services, Inc. (NYSE:PFS)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $21.90 and last traded at $21.90, with a volume of 6373 shares traded. The stock had previously closed at $19.04.

Analysts Set New Price Targets

Several brokerages have weighed in on PFS. StockNews.com cut shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods upgraded Provident Financial Services from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $21.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Provident Financial Services Price Performance

The company has a fifty day moving average price of $18.64 and a two-hundred day moving average price of $16.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The firm has a market cap of $2.83 billion, a P/E ratio of 20.70 and a beta of 1.03.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.11). The company had revenue of $349.38 million for the quarter, compared to the consensus estimate of $211.25 million. Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. During the same period in the prior year, the company earned $0.38 EPS. Equities analysts anticipate that Provident Financial Services, Inc. will post 1.84 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Friday, November 15th. Provident Financial Services’s payout ratio is 92.31%.

Insider Activity

In other news, EVP Vito Giannola sold 5,499 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the sale, the executive vice president now directly owns 88,656 shares of the company’s stock, valued at approximately $1,603,787.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its position in shares of Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 1,685 shares in the last quarter. Rise Advisors LLC purchased a new stake in Provident Financial Services in the 2nd quarter worth approximately $29,000. Nisa Investment Advisors LLC increased its position in shares of Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after purchasing an additional 1,218 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of Provident Financial Services during the 1st quarter worth $76,000. Finally, International Assets Investment Management LLC increased its position in shares of Provident Financial Services by 1,779.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock valued at $146,000 after purchasing an additional 7,457 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors.

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.