Provident Financial Services (NYSE:PFS) Upgraded by StockNews.com to “Hold” Rating

Provident Financial Services (NYSE:PFSGet Free Report) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other brokerages have also recently commented on PFS. DA Davidson increased their price target on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Hovde Group began coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Read Our Latest Report on Provident Financial Services

Provident Financial Services Price Performance

NYSE PFS opened at $18.56 on Wednesday. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The firm’s 50 day moving average is $19.64 and its 200-day moving average is $19.02. The company has a market capitalization of $2.42 billion, a PE ratio of 17.85 and a beta of 1.08. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFSGet Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. Equities research analysts anticipate that Provident Financial Services will post 1.84 earnings per share for the current fiscal year.

Insider Activity at Provident Financial Services

In related news, EVP James A. Christy sold 3,500 shares of the company’s 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 transaction, the executive vice president now owns 34,254 shares in the company, valued at approximately $715,223.52. This represents a 9.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. grew its position in shares of Provident Financial Services by 120.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after purchasing an additional 820 shares during the last quarter. KBC Group NV grew its holdings in Provident Financial Services by 40.7% in the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock valued at $121,000 after buying an additional 1,848 shares in the last quarter. International Assets Investment Management LLC grew its holdings in 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 valued at $146,000 after buying an additional 7,457 shares in the last quarter. Allworth Financial LP increased its position in Provident Financial Services by 35,936.4% during the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock worth $151,000 after buying an additional 7,906 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Provident Financial Services in the second quarter valued at about $178,000. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Services Company Profile

(Get Free Report)

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.

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