Provident Financial Services, Inc (NYSE:PFS) Receives $25.00 Consensus Target Price from Analysts

Shares of Provident Financial Services, Inc (NYSE:PFS) have received a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $26.7857.

PFS has been the subject of a number of research reports. Piper Sandler reiterated an “overweight” rating and issued a $29.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Raymond James Financial increased their price target 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. DA Davidson set a $26.00 price objective on shares of Provident Financial Services in a research note on Friday, July 31st. Hovde Group raised their target price on shares of Provident Financial Services from $26.50 to $28.50 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Stephens assumed coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 price objective on the stock.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its position in shares of Provident Financial Services by 1.0% in the fourth quarter. Russell Investments Group Ltd. now owns 45,333 shares of the savings and loans company’s stock valued at $895,000 after purchasing an additional 456 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Provident Financial Services by 1.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 29,888 shares of the savings and loans company’s stock worth $590,000 after buying an additional 500 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in Provident Financial Services by 3.4% during the first quarter. Bleakley Financial Group LLC now owns 19,782 shares of the savings and loans company’s stock worth $419,000 after buying an additional 652 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Provident Financial Services by 17.4% during the fourth quarter. Farther Finance Advisors LLC now owns 4,752 shares of the savings and loans company’s stock worth $94,000 after buying an additional 705 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Provident Financial Services by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 25,075 shares of the savings and loans company’s stock valued at $495,000 after buying an additional 769 shares in the last quarter. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Trading Down 1.4%

Shares of Provident Financial Services stock opened at $24.76 on Friday. Provident Financial Services has a twelve month low of $17.69 and a twelve month high of $25.49. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.99. The business has a 50-day moving average price of $23.50 and a 200-day moving average price of $22.44. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 10.32 and a beta of 0.78.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Thursday, July 30th. The savings and loans company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. Provident Financial Services had a return on equity of 11.00% and a net margin of 22.15%.The company had revenue of $234.96 million for the quarter, compared to the consensus estimate of $225.57 million. During the same period in the previous year, the business earned $0.55 earnings per share. Equities research analysts anticipate that Provident Financial Services will post 2.41 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The business 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 $0.24 dividend. 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 dividend payout ratio (DPR) is currently 40.00%.

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.