DA Davidson Initiates Coverage on Provident Financial Services (NYSE:PFS)

Investment analysts at DA Davidson initiated coverage on shares of Provident Financial Services (NYSE:PFS) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $25.00 price target on the savings and loans company’s stock. DA Davidson’s price target would suggest a potential upside of 12.71% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a research note on Thursday, January 22nd. Royal Bank Of Canada set a $25.00 target price on Provident Financial Services in a report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods lifted their target price on Provident Financial Services from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Provident Financial Services Stock Performance

Shares of PFS opened at $22.18 on Wednesday. Provident Financial Services has a one year low of $14.34 and a one year high of $23.98. The company has a market cap of $2.90 billion, a PE ratio of 9.95 and a beta of 0.86. The stock has a 50-day moving average of $21.39 and a 200-day moving average of $20.05. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.02 and a quick ratio of 1.02.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 27th. The savings and loans company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Provident Financial Services had a return on equity of 10.69% and a net margin of 21.06%.The business had revenue of $225.03 million for the quarter, compared to the consensus estimate of $224.08 million. During the same period in the prior year, the business earned $0.37 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities research analysts predict that Provident Financial Services will post 2.14 EPS for the current fiscal year.

Provident Financial Services declared that its Board of Directors has initiated a share repurchase plan on Monday, January 26th that allows the company to repurchase $2.81 million in shares. This repurchase authorization allows the savings and loans company to buy up to 0.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Provident Financial Services

Several institutional investors have recently added to or reduced their stakes in PFS. Salomon & Ludwin LLC bought a new position in Provident Financial Services in the 3rd quarter worth about $26,000. Key Capital Management INC purchased a new stake in shares of Provident Financial Services in the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Provident Financial Services by 358.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after acquiring an additional 1,210 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Provident Financial Services in the fourth quarter valued at approximately $33,000. Finally, GAMMA Investing LLC grew its stake in Provident Financial Services by 45.0% during the third quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock valued at $34,000 after acquiring an additional 548 shares in the last quarter. Institutional investors own 71.97% of the company’s stock.

About Provident Financial Services

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.