Zacks Investment Research upgraded shares of Provident Financial Services (NYSE:PFS) from a hold rating to a strong-buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $29.00 target price on the savings and loans company’s stock.
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. “
Other research analysts have also issued reports about the company. Piper Jaffray Companies reiterated a hold rating and issued a $25.50 price objective on shares of Provident Financial Services in a research report on Wednesday, August 1st. Boenning Scattergood reiterated a hold rating on shares of Provident Financial Services in a research report on Friday, July 27th. Finally, ValuEngine lowered Provident Financial Services from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $27.83.
PFS traded up $0.22 during mid-day trading on Thursday, reaching $24.65. The stock had a trading volume of 169,688 shares, compared to its average volume of 158,764. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 1.86 and a beta of 0.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.10 and a current ratio of 1.09. Provident Financial Services has a 52 week low of $22.22 and a 52 week high of $29.12.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Friday, October 26th. The savings and loans company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.08. The firm had revenue of $91.70 million for the quarter, compared to analyst estimates of $89.09 million. Provident Financial Services had a return on equity of 8.09% and a net margin of 25.16%. During the same period last year, the company earned $0.41 EPS. As a group, research analysts forecast that Provident Financial Services will post 1.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Thursday, November 15th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Wednesday, November 14th. Provident Financial Services’s dividend payout ratio (DPR) is currently 55.26%.
Several hedge funds have recently bought and sold shares of PFS. Itau Unibanco Holding S.A. acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at $143,000. KBC Group NV acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at $174,000. Private Advisor Group LLC acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at $232,000. BlueMountain Capital Management LLC lifted its stake in shares of Provident Financial Services by 50.9% in the 2nd quarter. BlueMountain Capital Management LLC now owns 11,234 shares of the savings and loans company’s stock valued at $309,000 after purchasing an additional 3,788 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its stake in shares of Provident Financial Services by 25.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,774 shares of the savings and loans company’s stock valued at $352,000 after purchasing an additional 2,800 shares during the period. 65.14% of the stock is currently owned by institutional investors.
Provident Financial Services Company Profile
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA and KEOGH accounts.
Featured Story: Stop Order
Get a free copy of the Zacks research report on Provident Financial Services (PFS)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.