Provident Financial Services (NYSE:PFS) Price Target Cut to $23.00 by Analysts at Royal Bank of Canada

Provident Financial Services (NYSE:PFS) had its price objective cut by stock analysts at Royal Bank of Canada from $24.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the savings and loans company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 23.79% from the stock’s current price.

Several other equities research analysts have also weighed in on PFS. DA Davidson increased their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Hovde Group initiated coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Provident Financial Services Stock Up 0.1 %

Shares of NYSE PFS opened at $18.58 on Thursday. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The company has a market cap of $2.42 billion, a P/E ratio of 17.70 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. The stock has a fifty day moving average price of $19.54 and a 200 day moving average price of $19.03.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.79%. Research analysts anticipate that Provident Financial Services will post 2.09 EPS for the current fiscal year.

Insider Activity

In related news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction on 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 $715,223.52. This trade represents a 9.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.29% of the stock is owned by insiders.

Institutional Trading of Provident Financial Services

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its position in shares of Provident Financial Services by 13,182.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock valued at $34,421,000 after acquiring an additional 1,840,633 shares in the last quarter. State Street Corp raised its stake in shares of Provident Financial Services by 10.2% in the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock worth $142,605,000 after acquiring an additional 713,688 shares during the last quarter. Basswood Capital Management L.L.C. raised its stake in shares of Provident Financial Services by 87.3% in the third quarter. Basswood Capital Management L.L.C. now owns 892,708 shares of the savings and loans company’s stock worth $16,569,000 after acquiring an additional 416,020 shares during the last quarter. Chartwell Investment Partners LLC bought a new position in shares of Provident Financial Services in the third quarter worth about $5,564,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Provident Financial Services by 55.4% in the third quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock worth $14,771,000 after acquiring an additional 283,879 shares during the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.

About Provident Financial Services

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.