Royal Bank of Canada Lowers Provident Financial Services (NYSE:PFS) Price Target to $23.00

Provident Financial Services (NYSE:PFS) had its price target cut by equities research analysts at Royal Bank of Canada from $24.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the savings and loans company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 23.78% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. Hovde Group started coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They set an “outperform” rating and a $25.00 target price for the company. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, DA Davidson boosted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One equities 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, Provident Financial Services has an average rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services Price Performance

PFS stock traded up $0.27 during mid-day trading on Thursday, hitting $18.58. 150,477 shares of the stock were exchanged, compared to its average volume of 571,658. The business has a fifty day moving average price of $19.64 and a 200 day moving average price of $19.02. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 17.89 and a beta of 1.08. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.24. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03.

Provident Financial Services (NYSE:PFS) last issued its 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 return on equity of 5.21% and a net margin of 9.55%. On average, sell-side analysts anticipate that Provident Financial Services will post 1.84 EPS for the current year.

Insider Activity at Provident Financial Services

In related news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Savant Capital LLC grew its position in shares of Provident Financial Services by 6.5% during the 4th quarter. Savant Capital LLC now owns 10,931 shares of the savings and loans company’s stock valued at $206,000 after acquiring an additional 664 shares during the period. Empowered Funds LLC grew its holdings in Provident Financial Services by 5.2% during the fourth quarter. Empowered Funds LLC now owns 264,933 shares of the savings and loans company’s stock valued at $4,999,000 after purchasing an additional 13,188 shares during the period. Apollon Wealth Management LLC increased its position in Provident Financial Services by 105.8% in the fourth quarter. Apollon Wealth Management LLC now owns 25,581 shares of the savings and loans company’s stock worth $483,000 after buying an additional 13,151 shares in the last quarter. Ibex Wealth Advisors bought a new position in shares of Provident Financial Services in the fourth quarter worth about $211,000. Finally, KBC Group NV lifted its position in shares of Provident Financial Services by 40.7% during 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. 71.97% of the stock is currently owned by institutional investors.

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.