Provident Financial Services (NYSE:PFS) Upgraded 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 report released on Tuesday.

Several other brokerages have also issued reports on PFS. DA Davidson upgraded shares of Provident Financial Services from a neutral rating to a buy rating and lifted their target price for the company from $15.00 to $20.00 in a research report on Monday, April 22nd. TheStreet lowered shares of Provident Financial Services from a b- rating to a c+ rating in a research report on Wednesday, March 13th. Royal Bank of Canada lifted their target price on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an outperform rating in a research report on Monday, April 22nd. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a market perform rating for the company in a research report on Tuesday, March 26th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $19.00.

Provident Financial Services Price Performance

Shares of NYSE:PFS opened at $15.09 on Tuesday. The company has a 50 day moving average of $14.72 and a 200 day moving average of $15.66. The stock has a market cap of $1.14 billion, a P/E ratio of 9.43 and a beta of 1.07. Provident Financial Services has a 12 month low of $13.21 and a 12 month high of $19.62. 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 (NYSE:PFS) last announced its earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating 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 business had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same period in the previous year, the business posted $0.54 earnings per share. Provident Financial Services’s revenue for the quarter was down 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Provident Financial Services will post 1.63 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, April 29th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.36%. Provident Financial Services’s payout ratio is 60.00%.

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the sale, the director now directly owns 9,475 shares in the company, valued at approximately $169,223.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of large investors have recently added to or reduced their stakes in PFS. Norges Bank purchased a new stake in shares of Provident Financial Services during the fourth quarter worth about $9,419,000. Mendon Capital Advisors Corp purchased a new stake in Provident Financial Services in the 4th quarter worth approximately $5,873,000. Hsbc Holdings PLC lifted its holdings in Provident Financial Services by 334.5% in the 4th quarter. Hsbc Holdings PLC now owns 103,938 shares of the savings and loans company’s stock worth $1,889,000 after buying an additional 80,018 shares during the period. American Century Companies Inc. grew its position in shares of Provident Financial Services by 3.1% in the 3rd quarter. American Century Companies Inc. now owns 2,261,425 shares of the savings and loans company’s stock worth $34,577,000 after buying an additional 68,856 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Provident Financial Services by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 889,829 shares of the savings and loans company’s stock valued at $13,605,000 after buying an additional 60,765 shares during the period. 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.