Zacks Investment Research lowered shares of Provident Financial Services (NYSE:PFS) from a buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Provident Financial Services, Inc. is the holding company of The Provident Bank, a community- and customer-oriented banking company. The Provident Bank emphasizes personal service and customer convenience in attending to the financial needs of individuals, families and businesses in northern and central New Jersey. The bank offers a broad array of deposit, loan, trust and investment products. In keeping with its Customer-Centric Strategy. “
Several other analysts have also commented on PFS. ValuEngine upgraded shares of Provident Financial Services from a hold rating to a buy rating in a report on Friday, December 1st. Sandler O’Neill upgraded shares of Provident Financial Services from a hold rating to a buy rating and set a $29.00 price objective for the company in a report on Friday, January 26th. Boenning Scattergood restated a hold rating on shares of Provident Financial Services in a report on Monday, January 29th. Piper Jaffray Companies restated a hold rating and issued a $28.00 price objective on shares of Provident Financial Services in a report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $28.50 price objective on shares of Provident Financial Services in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Provident Financial Services has an average rating of Hold and a consensus price target of $28.42.
Shares of Provident Financial Services (NYSE PFS) opened at $25.83 on Wednesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.08 and a current ratio of 1.12. The firm has a market cap of $1,705.96, a PE ratio of 16.87, a PEG ratio of 1.74 and a beta of 0.94. Provident Financial Services has a 1-year low of $23.19 and a 1-year high of $28.76.
Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). The firm had revenue of $85.20 million for the quarter, compared to analysts’ expectations of $85.36 million. Provident Financial Services had a return on equity of 7.61% and a net margin of 24.75%. During the same quarter in the prior year, the company posted $0.35 earnings per share. research analysts predict that Provident Financial Services will post 1.84 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Thursday, February 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, February 14th. Provident Financial Services’s dividend payout ratio is 54.79%.
In related news, Director Frank L. Fekete sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $27.33, for a total transaction of $245,970.00. Following the completion of the sale, the director now owns 48,903 shares of the company’s stock, valued at $1,336,518.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Donald W. Blum sold 6,100 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $28.47, for a total transaction of $173,667.00. The disclosure for this sale can be found here. Insiders have sold 18,100 shares of company stock valued at $502,377 in the last ninety days. Insiders own 2.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PFS. New York State Common Retirement Fund increased its position in shares of Provident Financial Services by 7.5% during the second quarter. New York State Common Retirement Fund now owns 66,300 shares of the savings and loans company’s stock valued at $1,683,000 after acquiring an additional 4,599 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Provident Financial Services by 19.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 170,467 shares of the savings and loans company’s stock worth $4,326,000 after purchasing an additional 28,125 shares during the period. Voya Investment Management LLC grew its position in Provident Financial Services by 6.8% in the 2nd quarter. Voya Investment Management LLC now owns 31,906 shares of the savings and loans company’s stock worth $810,000 after purchasing an additional 2,042 shares during the period. State Street Corp grew its position in Provident Financial Services by 4.1% in the 2nd quarter. State Street Corp now owns 1,533,692 shares of the savings and loans company’s stock worth $38,931,000 after purchasing an additional 60,670 shares during the period. Finally, Sterling Capital Management LLC bought a new stake in Provident Financial Services in the 2nd quarter worth approximately $593,000. 64.36% of the stock is owned by institutional investors.
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About Provident Financial Services
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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