Provident Financial Services (NYSE:PFS) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Provident Financial Services (NYSE:PFS) from a sell rating to a hold rating in a research note released on Thursday.

Several other brokerages have also recently commented on PFS. DA Davidson boosted their target price on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods upgraded Provident Financial Services from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Provident Financial Services Stock Performance

Shares of NYSE PFS opened at $21.12 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 20.31 and a beta of 1.03. The stock’s fifty day moving average price is $19.61 and its two-hundred day moving average price is $17.52. Provident Financial Services has a one year low of $13.07 and a one year high of $22.24.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.11). The company had revenue of $349.38 million during the quarter, compared to the consensus estimate of $211.25 million. Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. During the same quarter last year, the firm posted $0.38 earnings per share. On average, equities analysts forecast that Provident Financial Services will post 1.84 EPS for the current year.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.24 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.55%. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Institutional Trading of Provident Financial Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co boosted its position in Provident Financial Services by 10.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 80,745 shares of the savings and loans company’s stock worth $1,175,000 after buying an additional 7,905 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Provident Financial Services by 5.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 55,927 shares of the savings and loans company’s stock valued at $815,000 after purchasing an additional 2,645 shares during the period. Bayesian Capital Management LP bought a new position in Provident Financial Services during the 1st quarter worth $149,000. Collective Family Office LLC acquired a new position in Provident Financial Services during the 2nd quarter worth about $534,000. Finally, Rise Advisors LLC bought a new stake in shares of Provident Financial Services in the 2nd quarter valued at about $29,000. 71.97% of the stock is currently owned by 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.