Provident Financial Services, Inc (NYSE:PFS) Receives Average Recommendation of “Buy” from Analysts

Shares of Provident Financial Services, Inc (NYSE:PFS) have received an average rating of “Buy” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $23.9167.

Several analysts recently commented on PFS shares. Piper Sandler assumed coverage on shares of Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price target for the company. Royal Bank Of Canada set a $25.00 target price on shares of Provident Financial Services in a research note on Thursday, January 29th. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lifted their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, DA Davidson reiterated a “neutral” rating and issued a $23.00 target price on shares of Provident Financial Services in a research note on Friday, May 1st.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.02% of the stock is owned by company insiders.

Institutional Trading of Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in PFS. Key Capital Management INC acquired a new stake in Provident Financial Services in the fourth quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its position in shares of Provident Financial Services by 358.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 1,210 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Provident Financial Services in the fourth quarter valued at approximately $33,000. Danske Bank A S bought a new position in shares of Provident Financial Services in the third quarter valued at approximately $58,000. Finally, Hillsdale Investment Management Inc. raised its position in shares of Provident Financial Services by 40.9% in the third quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company’s stock valued at $60,000 after purchasing an additional 900 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Services Stock Performance

PFS stock opened at $21.46 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $2.80 billion, a P/E ratio of 9.13 and a beta of 0.80. The firm has a 50 day simple moving average of $21.62 and a 200 day simple moving average of $20.89. Provident Financial Services has a 52 week low of $15.92 and a 52 week high of $23.98.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.55 by $0.06. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $0.49 earnings per share. Research analysts anticipate that Provident Financial Services will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a $0.24 dividend. The ex-dividend date is Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.5%. Provident Financial Services’s payout ratio is 40.85%.

Provident Financial Services announced that its board has initiated a share buyback plan on Monday, January 26th that allows the company to repurchase $2.81 million in shares. This repurchase authorization allows the savings and loans company to purchase up to 0.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.