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.
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