Provident Financial Services, Inc. (NYSE:PFS) Receives $23.50 Consensus PT from Analysts

Shares of Provident Financial Services, Inc. (NYSE:PFS) have earned a consensus recommendation of “Buy” from the four research firms that are covering the firm, MarketBeat reports. Four research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $23.50.

Several analysts have issued reports on PFS shares. Hovde Group started coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price for the company. DA Davidson raised their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, StockNews.com lowered shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday.

Provident Financial Services Stock Performance

NYSE PFS opened at $17.98 on Tuesday. The firm has a market cap of $2.35 billion, a P/E ratio of 17.29 and a beta of 1.08. The company’s 50 day moving average is $20.13 and its 200-day moving average is $18.61. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFS) last posted its earnings results 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). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. The firm had revenue of $349.38 million during the quarter, compared to analysts’ expectations of $211.25 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. Sell-side analysts predict that Provident Financial Services will post 1.84 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 5.34%. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Insiders Place Their Bets

In other news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $20.88, for a total transaction of $73,080.00. Following the completion of the sale, the executive vice president now directly owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Provident Financial Services

A number of institutional investors have recently modified their holdings of PFS. CIBC Asset Management Inc bought a new position in Provident Financial Services in the second quarter worth approximately $187,000. Rhumbline Advisers increased its holdings in Provident Financial Services by 68.4% in the second quarter. Rhumbline Advisers now owns 407,581 shares of the savings and loans company’s stock valued at $5,849,000 after buying an additional 165,554 shares in the last quarter. Arizona State Retirement System grew its holdings in Provident Financial Services by 74.8% in the second quarter. Arizona State Retirement System now owns 34,496 shares of the savings and loans company’s stock valued at $495,000 after purchasing an additional 14,756 shares during the period. Texas Permanent School Fund Corp lifted its holdings in Provident Financial Services by 66.4% during the second quarter. Texas Permanent School Fund Corp now owns 110,008 shares of the savings and loans company’s stock valued at $1,579,000 after purchasing an additional 43,895 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in Provident Financial Services in the 2nd quarter valued at $1,914,000. 71.97% of the stock is owned by hedge funds and other 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.