Provident Financial Services (NYSE:PFS) Upgraded at DA Davidson

DA Davidson upgraded shares of Provident Financial Services (NYSE:PFS) from a neutral rating to a buy rating in a report released on Monday morning, Marketbeat reports. DA Davidson currently has $20.00 price target on the savings and loans company’s stock, up from their previous price target of $15.00. DA Davidson also issued estimates for Provident Financial Services’ Q2 2024 earnings at $0.15 EPS and FY2024 earnings at $1.75 EPS.

Several other research firms have also recently commented on PFS. Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a research note on Tuesday, March 26th. Royal Bank of Canada decreased their price target on shares of Provident Financial Services from $19.00 to $18.00 and set an outperform rating on the stock in a research note on Tuesday, April 9th. Finally, TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a research note on Wednesday, March 13th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $19.00.

Provident Financial Services Stock Performance

NYSE PFS opened at $15.54 on Monday. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 9.71 and a beta of 1.07. The company has a 50 day moving average of $14.75 and a 200-day moving average of $15.66. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.25. Provident Financial Services has a 1-year low of $13.21 and a 1-year high of $19.62.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The company had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same quarter last year, the business posted $0.54 earnings per share. The company’s revenue was down 12.3% on a year-over-year basis. On average, equities analysts forecast that Provident Financial Services will post 1.53 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be paid a $0.24 dividend. The ex-dividend date is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a yield of 6.18%. Provident Financial Services’s payout ratio is presently 60.00%.

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the transaction, the director now directly owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC raised its holdings in shares of Provident Financial Services by 17,508.3% during the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after acquiring an additional 2,101 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Provident Financial Services by 1,728.7% during the fourth quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after acquiring an additional 6,932 shares during the period. Oak Thistle LLC acquired a new stake in shares of Provident Financial Services during the fourth quarter worth $202,000. Orion Portfolio Solutions LLC raised its holdings in shares of Provident Financial Services by 8.9% during the third quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock worth $221,000 after acquiring an additional 1,184 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Provident Financial Services by 41.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,016 shares of the savings and loans company’s stock worth $230,000 after acquiring an additional 4,403 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

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.