ValuEngine Lowers Provident Financial Services, Inc (PFS) to Hold

ValuEngine lowered shares of Provident Financial Services, Inc (NYSE:PFS) from a buy rating to a hold rating in a research report released on Thursday morning.

Several other brokerages also recently weighed in on PFS. Piper Jaffray Companies reaffirmed a hold rating and issued a $25.50 target price on shares of Provident Financial Services in a report on Friday, July 14th. BidaskClub cut shares of Provident Financial Services from a hold rating to a sell rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of Provident Financial Services from a hold rating to a buy rating and set a $30.00 target price on the stock in a research report on Wednesday, August 2nd. Keefe, Bruyette & Woods restated a hold rating and set a $28.50 target price on shares of Provident Financial Services in a research report on Wednesday, November 1st. Finally, Boenning Scattergood reissued a hold rating on shares of Provident Financial Services in a research report on Friday, October 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $27.80.



Shares of Provident Financial Services (NYSE PFS) opened at $25.83 on Thursday. Provident Financial Services has a 1 year low of $23.19 and a 1 year high of $28.92. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.10 and a current ratio of 1.08. The stock has a market cap of $1,717.10, a price-to-earnings ratio of 17.11, a PEG ratio of 1.67 and a beta of 0.99.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, October 27th. The savings and loans company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Provident Financial Services had a net margin of 25.90% and a return on equity of 7.61%. The firm had revenue of $85.32 million during the quarter, compared to the consensus estimate of $83.84 million. During the same quarter in the previous year, the firm posted $0.36 EPS. sell-side analysts forecast that Provident Financial Services will post 1.54 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, November 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.10%. Provident Financial Services’s dividend payout ratio (DPR) is presently 52.98%.

In other Provident Financial Services news, Director Edward Odonnell sold 3,000 shares of Provident Financial Services stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.30, for a total value of $81,900.00. Following the completion of the transaction, the director now owns 91,335 shares of the company’s stock, valued at $2,493,445.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.90% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its holdings in Provident Financial Services by 28.6% in the third quarter. Wells Fargo & Company MN now owns 128,330 shares of the savings and loans company’s stock valued at $3,423,000 after buying an additional 28,561 shares in the last quarter. Legal & General Group Plc grew its position in shares of Provident Financial Services by 5.0% in the third quarter. Legal & General Group Plc now owns 126,068 shares of the savings and loans company’s stock valued at $3,365,000 after purchasing an additional 6,036 shares during the period. American International Group Inc. grew its position in shares of Provident Financial Services by 5.7% in the third quarter. American International Group Inc. now owns 48,704 shares of the savings and loans company’s stock valued at $1,299,000 after purchasing an additional 2,638 shares during the period. Systematic Financial Management LP grew its position in shares of Provident Financial Services by 1.3% in the third quarter. Systematic Financial Management LP now owns 478,062 shares of the savings and loans company’s stock valued at $12,750,000 after purchasing an additional 6,364 shares during the period. Finally, Cortina Asset Management LLC acquired a new stake in shares of Provident Financial Services in the third quarter valued at about $3,659,000. 61.37% of the stock is owned by institutional investors.

Provident Financial Services Company Profile

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Provident Financial Services (NYSE:PFS)

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