Provident Financial Services, Inc (NYSE:PFS) Receives Average Recommendation of “Buy” from Analysts

Provident Financial Services, Inc (NYSE:PFS) has been given an average rating of “Buy” by the four research firms that are presently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $24.25.

PFS has been the subject of several research analyst reports. Raymond James Financial started coverage on shares of Provident Financial Services in a research report on Thursday. They issued a “strong-buy” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Monday, April 28th.

Provident Financial Services Stock Performance

Shares of PFS opened at $16.95 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.05. The firm has a market cap of $2.21 billion, a PE ratio of 15.27 and a beta of 0.86. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.24. The stock has a fifty day moving average price of $16.73 and a 200-day moving average price of $17.61.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. Provident Financial Services had a return on equity of 6.38% and a net margin of 11.45%. The company had revenue of $208.76 million during the quarter, compared to analysts’ expectations of $206.86 million. During the same period last year, the business posted $0.43 earnings per share. The firm’s revenue was up 82.4% compared to the same quarter last year. Equities research analysts predict that Provident Financial Services will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a $0.24 dividend. The ex-dividend date was Friday, May 16th. This represents a $0.96 dividend on an annualized basis and a yield of 5.66%. Provident Financial Services’s dividend payout ratio is currently 86.49%.

Insider Buying and Selling at Provident Financial Services

In related news, Chairman Christopher P. Martin sold 55,668 shares of Provident Financial Services stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total transaction of $950,252.76. Following the completion of the transaction, the chairman now directly owns 601,050 shares in the company, valued at approximately $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in PFS. Vanguard Group Inc. grew its position in Provident Financial Services by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,605,199 shares of the savings and loans company’s stock valued at $275,600,000 after buying an additional 51,253 shares during the period. Wellington Management Group LLP grew its position in shares of Provident Financial Services by 84.5% during the 1st quarter. Wellington Management Group LLP now owns 3,207,898 shares of the savings and loans company’s stock valued at $55,080,000 after acquiring an additional 1,469,432 shares during the period. American Century Companies Inc. increased its position in shares of Provident Financial Services by 5.2% in the first quarter. American Century Companies Inc. now owns 2,584,298 shares of the savings and loans company’s stock valued at $44,372,000 after buying an additional 127,897 shares in the last quarter. PL Capital Advisors LLC raised its stake in shares of Provident Financial Services by 1,787.0% during the 4th quarter. PL Capital Advisors LLC now owns 2,533,618 shares of the savings and loans company’s stock worth $47,809,000 after buying an additional 2,399,351 shares during the period. Finally, Systematic Financial Management LP lifted its position in shares of Provident Financial Services by 4.6% during the 4th quarter. Systematic Financial Management LP now owns 1,976,235 shares of the savings and loans company’s stock valued at $37,292,000 after buying an additional 87,612 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.