Piper Jaffray Companies Reaffirms “Hold” Rating for Provident Financial Services, Inc (NYSE:PFS)
Provident Financial Services, Inc (NYSE:PFS)‘s stock had its “hold” rating reiterated by stock analysts at Piper Jaffray Companies in a research note issued on Friday. They presently have a $25.50 price objective on the savings and loans company’s stock. Piper Jaffray Companies’ price target suggests a potential downside of 1.24% from the stock’s previous close.
Other analysts also recently issued reports about the company. BidaskClub upgraded Provident Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. ValuEngine upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a report on Thursday, June 8th. Royal Bank Of Canada reiterated a “buy” rating and set a $30.00 price target on shares of Provident Financial Services in a report on Friday, July 7th. Finally, Zacks Investment Research upgraded Provident Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, March 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $25.90.
Provident Financial Services (PFS) opened at 25.82 on Friday. Provident Financial Services has a 12-month low of $19.45 and a 12-month high of $28.92. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 18.25 and a beta of 0.98. The firm’s 50-day moving average price is $24.32 and its 200 day moving average price is $25.94.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, April 28th. The savings and loans company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.01. Provident Financial Services had a return on equity of 7.24% and a net margin of 25.02%. The firm had revenue of $79.50 million during the quarter, compared to the consensus estimate of $80.78 million. During the same period last year, the business posted $0.33 EPS. On average, analysts expect that Provident Financial Services will post $1.47 earnings per share for the current year.
In other news, Director Carlos Hernandez sold 2,650 shares of the stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $24.56, for a total transaction of $65,084.00. Following the transaction, the director now owns 81,408 shares of the company’s stock, valued at approximately $1,999,380.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Provident Financial Services by 43,449.2% in the first quarter. BlackRock Inc. now owns 7,524,873 shares of the savings and loans company’s stock worth $194,518,000 after buying an additional 7,507,594 shares during the period. Norges Bank bought a new position in Provident Financial Services during the fourth quarter worth about $21,180,000. The Manufacturers Life Insurance Company bought a new position in Provident Financial Services during the third quarter worth about $12,815,000. Vanguard Group Inc. boosted its position in Provident Financial Services by 7.7% in the first quarter. Vanguard Group Inc. now owns 5,548,692 shares of the savings and loans company’s stock worth $143,433,000 after buying an additional 394,788 shares during the period. Finally, BlackRock Fund Advisors boosted its position in Provident Financial Services by 9.7% in the third quarter. BlackRock Fund Advisors now owns 4,429,218 shares of the savings and loans company’s stock worth $94,032,000 after buying an additional 390,437 shares during the period. 62.70% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Provident Financial Services Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services Inc and related companies with MarketBeat.com's FREE daily email newsletter.