Provident Financial Services (NYSE:PFS) Raised to “Buy” at DA Davidson

DA Davidson upgraded shares of Provident Financial Services (NYSE:PFS) from a neutral rating to a buy rating in a research report report published on Monday, Marketbeat.com reports. The brokerage currently has $20.00 price objective on the savings and loans company’s stock, up from their previous price objective of $15.00.

A number of other research firms have also weighed in on PFS. Keefe, Bruyette & Woods decreased their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a report on Tuesday, March 26th. Royal Bank of Canada cut their price target on shares of Provident Financial Services from $19.00 to $18.00 and set an outperform rating for the company in a research note on Tuesday, April 9th. Finally, TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $19.00.

Provident Financial Services Stock Performance

Provident Financial Services stock opened at $15.20 on Monday. The firm’s 50 day simple moving average is $14.74 and its 200 day simple moving average is $15.66. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $1.15 billion, a PE 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.

Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. The business had revenue of $114.48 million for the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. Provident Financial Services’s revenue was down 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.54 EPS. As a group, analysts expect that Provident Financial Services will post 1.63 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

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

Insider Activity

In other news, Director Robert Mcnerney sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently made changes to their positions in the business. Orion Portfolio Solutions LLC boosted its stake in shares of 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 valued at $221,000 after purchasing an additional 1,184 shares in the last quarter. WBI Investments Inc. boosted its position in Provident Financial Services by 7.4% during the 3rd quarter. WBI Investments Inc. now owns 19,541 shares of the savings and loans company’s stock valued at $299,000 after buying an additional 1,338 shares during the period. Valley National Advisers Inc. boosted its position in Provident Financial Services by 5.6% during the 3rd quarter. Valley National Advisers Inc. now owns 27,121 shares of the savings and loans company’s stock valued at $415,000 after buying an additional 1,434 shares during the period. CWM LLC boosted its position in Provident Financial Services by 2.7% during the 3rd quarter. CWM LLC now owns 62,897 shares of the savings and loans company’s stock valued at $962,000 after buying an additional 1,677 shares during the period. Finally, Swiss National Bank boosted its position in Provident Financial Services by 1.3% during the 3rd quarter. Swiss National Bank now owns 157,800 shares of the savings and loans company’s stock valued at $2,413,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 71.97% of the company’s stock.

About Provident Financial Services

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.