Provident Financial Services (NYSE:PFS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Provident Financial Services, Inc (NYSE:PFS) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $20.42 and traded as high as $22.43. Provident Financial Services shares last traded at $22.3110, with a volume of 877,818 shares.

Analyst Ratings Changes

Several analysts have commented on PFS shares. Weiss Ratings upgraded shares of Provident Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Piper Sandler started coverage on shares of Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on shares of Provident Financial Services from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Royal Bank Of Canada set a $25.00 target price on shares of Provident Financial Services in a report on Thursday, January 29th. Finally, DA Davidson started coverage on shares of Provident Financial Services in a report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $24.08.

Provident Financial Services Stock Up 2.5%

The company has a market capitalization of $2.98 billion, a P/E ratio of 10.23 and a beta of 0.81. The firm’s 50 day moving average price is $21.66 and its two-hundred day moving average price is $20.46. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90.

Provident Financial Services (NYSE:PFS) last released its earnings results on Wednesday, January 28th. The savings and loans company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. Provident Financial Services had a net margin of 21.06% and a return on equity of 10.69%. The business had revenue of $225.03 million during the quarter, compared to analysts’ expectations of $224.08 million. During the same period last year, the business earned $0.37 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. Equities research analysts forecast that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.2%. Provident Financial Services’s dividend payout ratio (DPR) is currently 43.05%.

Provident Financial Services announced that its board has authorized a share buyback program on Monday, January 26th that permits the company to buyback $2.81 million in shares. This buyback authorization permits the savings and loans company to reacquire up to 0.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Flywheel Private Wealth LLC acquired a new position in Provident Financial Services in the first quarter valued at about $212,000. Diversified Trust Co raised its stake in Provident Financial Services by 17.3% in the first quarter. Diversified Trust Co now owns 15,996 shares of the savings and loans company’s stock valued at $338,000 after purchasing an additional 2,354 shares in the last quarter. Hsbc Holdings PLC raised its stake in Provident Financial Services by 2.3% in the fourth quarter. Hsbc Holdings PLC now owns 137,468 shares of the savings and loans company’s stock valued at $2,709,000 after purchasing an additional 3,110 shares in the last quarter. World Investment Advisors acquired a new position in Provident Financial Services in the fourth quarter valued at about $401,000. Finally, Meadowbrook Advisors Group LLC acquired a new position in Provident Financial Services in the fourth quarter valued at about $393,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

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.