DA Davidson Issues Positive Forecast for Provident Financial Services (NYSE:PFS) Stock Price

Provident Financial Services (NYSE:PFS) had its price objective boosted by equities researchers at DA Davidson from $24.00 to $27.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the savings and loans company’s stock. DA Davidson’s target price points to a potential upside of 26.17% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada lifted their price objective on Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of Provident Financial Services from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $21.00 in a research report on Thursday, August 15th. Finally, StockNews.com lowered shares of Provident Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Provident Financial Services Price Performance

NYSE:PFS opened at $21.40 on Friday. The stock has a 50 day moving average of $19.06 and a two-hundred day moving average of $17.11. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.23. The firm has a market cap of $2.79 billion, a P/E ratio of 20.58 and a beta of 1.03. 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 issued 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 firm had revenue of $349.38 million for the quarter, compared to analysts’ expectations of $211.25 million. Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, analysts expect that Provident Financial Services will post 1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Vito Giannola sold 5,499 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total transaction of $99,476.91. Following the completion of the transaction, the executive vice president now owns 88,656 shares of the company’s stock, valued at approximately $1,603,787.04. This trade represents a 5.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System grew its stake in shares of Provident Financial Services by 269.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 77,382 shares of the savings and loans company’s stock valued at $1,127,000 after buying an additional 56,410 shares in the last quarter. SG Americas Securities LLC acquired a new position in Provident Financial Services during the 1st quarter worth about $544,000. Renaissance Technologies LLC purchased a new position in Provident Financial Services during the 2nd quarter valued at about $6,990,000. Thrivent Financial for Lutherans grew its position in Provident Financial Services by 37.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 222,849 shares of the savings and loans company’s stock valued at $3,198,000 after acquiring an additional 61,179 shares in the last quarter. Finally, Foundry Partners LLC purchased a new stake in Provident Financial Services during the second quarter worth about $2,613,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.