Provident Financial Services, Inc (PFS) – What Are Researchers Saying About This Stock?

Shares of Provident Financial Services, Inc (NYSE:PFS) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $26.79.

Several research analysts have issued reports on the stock. Hovde Group lifted their target price on shares of Provident Financial Services from $26.50 to $28.50 and gave the stock an “outperform” rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Monday, August 3rd. Piper Sandler reissued an “overweight” rating and set a $29.00 price target (up from $26.00) on shares of Provident Financial Services in a research report on Friday, July 31st. Finally, DA Davidson set a $26.00 price objective on shares of Provident Financial Services in a report on Friday, July 31st.

Provident Financial Services Stock Up 0.2%

Shares of Provident Financial Services stock opened at $22.98 on Friday. Provident Financial Services has a 1 year low of $17.70 and a 1 year high of $25.49. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 9.66 and a beta of 0.82. The company has a 50-day moving average of $22.84 and a 200 day moving average of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.03 and a quick ratio of 1.03.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Thursday, October 29th. The savings and loans company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.61 by $0.04. Provident Financial Services had a net margin of 21.73% and a return on equity of 10.82%. The business had revenue of $238.54 million for the quarter, compared to analyst estimates of $235.31 million. During the same quarter in the previous year, the firm posted $0.55 earnings per share. As a group, sell-side analysts anticipate that Provident Financial Services will post 2.40 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, November 27th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, November 13th. Provident Financial Services’s dividend payout ratio (DPR) is currently 40.34%.

Insiders Place Their Bets

In other news, EVP Vito Giannola sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $24.36, for a total value of $487,200.00. Following the completion of the transaction, the executive vice president owned 56,424 shares in the company, valued at $1,374,488.64. The trade was a 26.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP James Christy sold 3,000 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $23.36, for a total value of $70,080.00. Following the completion of the transaction, the executive vice president owned 43,083 shares of the company’s stock, valued at $1,006,418.88. This represents a 6.51% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 79,166 shares of company stock valued at $1,856,284. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds have recently bought and sold shares of PFS. Latitude Advisors LLC bought a new position in Provident Financial Services during the 3rd quarter valued at about $26,000. Nykredit A S bought a new stake in shares of Provident Financial Services in the second quarter worth approximately $55,000. GAMMA Investing LLC grew its stake in shares of Provident Financial Services by 26.7% in the third quarter. GAMMA Investing LLC now owns 3,230 shares of the savings and loans company’s stock worth $72,000 after acquiring an additional 681 shares during the period. First Bancorp Inc ME purchased a new position in shares of Provident Financial Services during the second quarter valued at approximately $86,000. Finally, Jacobi Capital Management LLC purchased a new position in shares of Provident Financial Services during the third quarter valued at approximately $135,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

About Provident Financial Services

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community and commercial bank serving individuals, businesses and organizations. The bank provides checking and savings accounts, certificates of deposit, treasury management and other deposit products, along with residential mortgage, commercial real estate, commercial business and consumer lending.

Through its banking and wealth-management operations, Provident offers services that may include investment management, trust and fiduciary services, financial planning and insurance solutions.