Provident Financial Services (NYSE:PFS) Shares Gap Down Following Weak Earnings

Provident Financial Services, Inc. (NYSE:PFS) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $19.19, but opened at $18.38. Provident Financial Services shares last traded at $18.60, with a volume of 155,521 shares changing hands.

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%.

Wall Street Analysts Forecast Growth

PFS has been the topic of a number of recent research reports. StockNews.com cut Provident Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, January 9th. DA Davidson lifted their target price on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Hovde Group assumed coverage on Provident Financial Services in a research report 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 sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Provident Financial Services has an average rating of “Moderate Buy” and an average price target of $23.50.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the sale, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.29% of the stock is owned by company insiders.

Institutional Trading of Provident Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. boosted its stake in shares of Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after purchasing an additional 820 shares during the last quarter. KBC Group NV raised its holdings in Provident Financial Services by 40.7% in the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 1,848 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Provident Financial Services by 1,779.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after purchasing an additional 7,457 shares during the period. Haverford Trust Co acquired a new position in shares of Provident Financial Services in the 3rd quarter valued at about $187,000. Finally, Savant Capital LLC grew its holdings 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 worth $206,000 after purchasing an additional 664 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Stock Performance

The stock’s 50-day moving average is $19.69 and its 200-day moving average is $19.02. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 17.99 and a beta of 1.08.

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.