Provident Financial Services (NYSE:PFS) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Provident Financial Services (NYSE:PFS) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

Other equities analysts have also issued research reports about the company. DA Davidson raised their price target on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Hovde Group started coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

Provident Financial Services Trading Down 4.4 %

PFS opened at $18.35 on Wednesday. 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 has a 52 week low of $13.07 and a 52 week high of $22.24. The business’s 50 day moving average is $19.64 and its two-hundred day moving average is $19.02. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 17.64 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. On average, research analysts predict that Provident Financial Services will post 1.84 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, February 14th. This represents a $0.96 annualized dividend and a dividend yield of 5.23%. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Insider Activity at Provident Financial Services

In other news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the completion of the sale, the executive vice president now directly owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds have recently bought and sold shares of the company. Barclays PLC grew its holdings in Provident Financial Services by 39.8% in the third quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock valued at $5,883,000 after purchasing an additional 90,238 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of Provident Financial Services in the 3rd quarter worth about $508,000. Royce & Associates LP purchased a new stake in shares of Provident Financial Services in the 3rd quarter worth about $766,000. Geode Capital Management LLC grew its stake in Provident Financial Services by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock valued at $54,715,000 after acquiring an additional 53,943 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Provident Financial Services by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,792,792 shares of the savings and loans company’s stock valued at $33,274,000 after acquiring an additional 102,737 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.