Provident Financial Services (NYSE:PFS) Price Target Cut to $17.00

Provident Financial Services (NYSE:PFS) had its target price lowered by analysts at Keefe, Bruyette & Woods from $20.00 to $17.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the savings and loans company’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 18.22% from the company’s previous close.

Separately, TheStreet downgraded Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.67.

Provident Financial Services Trading Up 3.2 %

Shares of Provident Financial Services stock opened at $14.38 on Tuesday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 8.41 and a beta of 1.07. Provident Financial Services has a 52-week low of $13.43 and a 52-week high of $19.80. The company’s 50-day simple moving average is $15.60 and its 200-day simple moving average is $15.81. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19.

Provident Financial Services (NYSE:PFS) last released its earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04). The business had revenue of $114.76 million for the quarter, compared to analyst estimates of $114.30 million. Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The business’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS. As a group, equities research analysts anticipate that Provident Financial Services will post 1.68 earnings per share for the current year.

Insider Activity at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction on Tuesday, January 30th. The stock was 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 of the company’s stock, valued at approximately $169,223.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. increased its stake in shares of Provident Financial Services by 35.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock worth $42,000 after purchasing an additional 470 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock worth $36,000 after acquiring an additional 1,065 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of Provident Financial Services in the fourth quarter valued at $43,000. TFO Wealth Partners LLC boosted its stake in shares of Provident Financial Services by 17,508.3% during the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock valued at $38,000 after acquiring an additional 2,101 shares during the last quarter. Finally, First Manhattan Co. increased its position in Provident Financial Services by 106.8% during the 4th quarter. First Manhattan Co. now owns 2,130 shares of the savings and loans company’s stock worth $45,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors and hedge funds 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.