Provident Financial Services (NYSE:PFS) Given New $28.50 Price Target at Hovde Group

Provident Financial Services (NYSE:PFS) had its price objective hoisted by Hovde Group from $26.50 to $28.50 in a research report report published on Friday morning, MarketBeat.com reports. They currently have an outperform rating on the savings and loans company’s stock.

A number of other brokerages also recently commented on PFS. Weiss Ratings reiterated a “buy (b)” rating on shares of Provident Financial Services in a research report on Wednesday. DA Davidson restated a “neutral” rating and issued a $23.00 target price on shares of Provident Financial Services in a report on Friday, May 1st. Stephens started coverage on Provident Financial Services in a research report on Monday, June 8th. They set an “equal weight” rating and a $24.00 target price on the stock. Raymond James Financial boosted their target price on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods upped their target price on Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.50.

Provident Financial Services Stock Down 0.8%

PFS stock opened at $24.65 on Friday. Provident Financial Services has a 12 month low of $17.61 and a 12 month high of $25.41. The firm has a market cap of $3.21 billion, a PE ratio of 10.27 and a beta of 0.78. The firm has a 50 day simple moving average of $23.27 and a 200 day simple moving average of $22.28. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.03 and a quick ratio of 1.04.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Wednesday, July 29th. The savings and loans company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The firm had revenue of $234.96 million during the quarter, compared to analysts’ expectations of $225.57 million. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. During the same period last year, the firm posted $0.55 earnings per share. Equities research analysts forecast that Provident Financial Services will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. Provident Financial Services’s payout ratio is currently 40.00%.

Insider Activity at Provident Financial Services

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $22.40, for a total transaction of $57,254.40. Following the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.02% of the company’s stock.

Institutional Trading of Provident Financial Services

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Provident Financial Services by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 8,070,734 shares of the savings and loans company’s stock valued at $170,775,000 after purchasing an additional 256,540 shares in the last quarter. State Street Corp grew its holdings in shares of Provident Financial Services by 0.6% during the fourth quarter. State Street Corp now owns 7,046,392 shares of the savings and loans company’s stock valued at $139,166,000 after buying an additional 41,961 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Provident Financial Services by 5.5% during the fourth quarter. Wellington Management Group LLP now owns 6,710,987 shares of the savings and loans company’s stock valued at $132,542,000 after buying an additional 351,889 shares in the last quarter. Bank of New York Mellon Corp raised its position in Provident Financial Services by 15.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,578,302 shares of the savings and loans company’s stock valued at $31,171,000 after buying an additional 216,567 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Provident Financial Services by 38.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,239,628 shares of the savings and loans company’s stock valued at $24,483,000 after buying an additional 342,301 shares during the period. 71.97% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Provident Financial Services

Here are the key news stories impacting Provident Financial Services this week:

• Positive Sentiment: Analyst targets raised: Piper Sandler reaffirmed its “overweight” rating and lifted its price target from $26 to $29, implying approximately 17.6% upside from the referenced price. Hovde Group also raised its target from $26.50 to $28.50 and upgraded PFS to “outperform.” These revisions indicate stronger analyst confidence in the bank’s earnings outlook.
• Positive Sentiment: Second-quarter earnings beat estimates: PFS reported earnings of $0.60 per share, exceeding the $0.56 consensus estimate and rising from $0.55 a year earlier. Revenue reached approximately $235 million, also above expectations. Provident Financial Services Q2 Earnings, Revenue Rise
• Positive Sentiment: Improving banking fundamentals: Net interest income increased to $202.7 million, while net interest margin expanded to 3.48% from 3.40% in the prior quarter and 3.36% a year earlier. Non-interest income also grew year over year, supported by wealth-management and insurance-agency revenue. Deposits and total assets increased from year-end 2025.
• Positive Sentiment: Dividend maintained: The company declared a quarterly cash dividend of $0.24 per share, equal to $0.96 annually and an indicated yield of about 3.9%. The dividend is payable August 28 to shareholders of record August 14. Provident Financial Services Declares Quarterly Cash Dividend
• Neutral Sentiment: PFS trades at roughly 10 times earnings, which may support the view that the shares remain reasonably valued following the earnings beat and analyst upgrades.
• Negative Sentiment: Recent insider activity was limited to sales, with three insiders selling shares during the past six months and no reported purchases. This may modestly temper otherwise positive sentiment, although the transactions do not necessarily indicate a change in the company’s outlook.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.