Provident Financial Services, Inc (NYSE:PFS) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Provident Financial Services, Inc (NYSE:PFS) have received a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $26.7857.

Several research analysts recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $29.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Hovde Group increased their target price on Provident Financial Services from $26.50 to $28.50 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Provident Financial Services in a report on Wednesday, July 29th. Finally, Raymond James Financial increased their price objective 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.

Provident Financial Services Price Performance

Shares of NYSE PFS opened at $22.45 on Friday. The stock has a fifty day moving average price of $23.87 and a 200 day moving average price of $22.80. Provident Financial Services has a 1-year low of $17.69 and a 1-year high of $25.49. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $2.93 billion, a PE ratio of 9.35 and a beta of 0.77.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data 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 net margin of 22.15% and a return on equity of 11.00%. The company had revenue of $234.96 million during the quarter, compared to the consensus estimate of $225.57 million. During the same quarter in the prior year, the firm earned $0.55 EPS. Sell-side analysts forecast that Provident Financial Services will post 2.42 EPS for the current year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Friday, August 14th. Provident Financial Services’s dividend payout ratio (DPR) is currently 40.00%.

Insider Activity at Provident Financial Services

In related news, Director Thomas Shara sold 40,266 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $23.06, for a total transaction of $928,533.96. Following the sale, the director owned 382,911 shares of the company’s stock, valued at approximately $8,829,927.66. The trade was a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James Christy sold 3,000 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $23.36, for a total transaction of $70,080.00. Following the transaction, the executive vice president owned 43,083 shares in the company, valued at $1,006,418.88. The trade was a 6.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,166 shares of company stock worth $1,856,284 over the last 90 days. Company insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Institutional investors and hedge funds have recently modified their holdings of the company. Nykredit A S purchased a new stake in Provident Financial Services during the second quarter worth $55,000. First Bancorp Inc ME purchased a new position in shares of Provident Financial Services in the second quarter valued at $86,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Provident Financial Services during the 4th quarter worth $176,000. Flywheel Private Wealth LLC acquired a new position in shares of Provident Financial Services during the 1st quarter worth $212,000. Finally, Baron Wealth Management LLC purchased a new stake in shares of Provident Financial Services in the 2nd quarter worth about $212,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community bank serving individuals, families, businesses and nonprofit organizations. The company provides a range of banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, commercial real estate financing, commercial and industrial loans, and consumer lending.

Through its banking operations, Provident also offers cash management, online and mobile banking, wealth management, trust services and other financial solutions.