Provident Financial Services (NYSE:PFS) PT Raised to $19.00

Provident Financial Services (NYSE:PFS) had its price target upped by Royal Bank of Canada from $18.00 to $19.00 in a research report report published on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the savings and loans company’s stock.

A number of other equities research analysts have also recently weighed in on PFS. Keefe, Bruyette & Woods cut their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a research note on Tuesday, March 26th. TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a research note on Wednesday, March 13th. Finally, DA Davidson upgraded shares of Provident Financial Services from a neutral rating to a buy rating and lifted their price objective for the company from $15.00 to $20.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Provident Financial Services currently has a consensus rating of Hold and a consensus target price of $19.00.

Provident Financial Services Stock Performance

PFS stock opened at $15.20 on Monday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.07 and a current ratio of 1.08. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 9.50 and a beta of 1.07. Provident Financial Services has a 1 year low of $13.21 and a 1 year high of $19.62. The stock’s fifty day moving average is $14.74 and its two-hundred day moving average is $15.66.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The business had revenue of $114.48 million for the quarter, compared to analysts’ expectations of $114.50 million. During the same period in the previous year, the business earned $0.54 earnings per share. The company’s revenue was down 12.3% on a year-over-year basis. On average, research analysts predict that Provident Financial Services will post 1.63 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 6.32%. The ex-dividend date is Friday, April 26th. Provident Financial Services’s dividend payout ratio (DPR) is presently 60.00%.

Insiders Place Their Bets

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the sale, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

Institutional investors have recently bought and sold shares of the stock. TFO Wealth Partners LLC increased its stake in Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after purchasing an additional 2,101 shares in the last quarter. International Assets Investment Management LLC increased its stake in Provident Financial Services by 1,728.7% in the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after purchasing an additional 6,932 shares in the last quarter. Oak Thistle LLC purchased a new position in Provident Financial Services in the 4th quarter worth about $202,000. Everence Capital Management Inc. purchased a new position in Provident Financial Services in the 4th quarter worth about $253,000. Finally, Orion Portfolio Solutions LLC increased its stake in Provident Financial Services by 8.9% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock worth $221,000 after purchasing an additional 1,184 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Company Profile

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and 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 products.