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

Provident Financial Services, Inc. (NYSE:PFS) has earned an average rating of “Buy” from the four brokerages that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $23.50.

PFS has been the topic of a number of research reports. DA Davidson increased their price target on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Finally, Hovde Group assumed coverage on shares of Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 price target for the company.

Provident Financial Services Stock Performance

PFS stock opened at $18.75 on Tuesday. The stock’s 50 day simple moving average is $20.17 and its 200 day simple moving average is $18.51. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The firm has a market cap of $2.45 billion, a P/E ratio of 18.03 and a beta of 1.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.11). The business had revenue of $349.38 million during the quarter, compared to analyst estimates of $211.25 million. Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. During the same period last year, the firm posted $0.38 earnings per share. As a group, equities research analysts predict that Provident Financial Services will post 1.84 EPS for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.96 annualized dividend and a dividend yield of 5.12%. Provident Financial Services’s payout ratio is 92.31%.

Insider Activity

In related news, EVP James A. Christy sold 3,500 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the transaction, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. This represents a 9.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

A number of institutional investors have recently made changes to their positions in PFS. Nomura Asset Management Co. Ltd. raised its holdings in Provident Financial Services by 120.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after purchasing an additional 820 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Provident Financial Services by 1,779.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after buying an additional 7,457 shares in the last quarter. Algert Global LLC bought a new stake in shares of Provident Financial Services in the 2nd quarter worth $178,000. Intech Investment Management LLC acquired a new stake in shares of Provident Financial Services in the second quarter valued at $186,000. Finally, CIBC Asset Management Inc bought a new position in Provident Financial Services during the second quarter valued at about $187,000. 71.97% of the stock is owned by institutional investors and hedge funds.

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.