Provident Financial Services (NYSE:PFS) Stock Passes Above 200 Day Moving Average – Here’s Why

Provident Financial Services, Inc (NYSE:PFS) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.22 and traded as high as $21.19. Provident Financial Services shares last traded at $20.6510, with a volume of 1,658,190 shares trading hands.

Analyst Upgrades and Downgrades

PFS has been the subject of several research reports. Piper Sandler began coverage on Provident Financial Services in a research note on Monday, March 16th. They set an “overweight” rating and a $25.00 price target for the company. DA Davidson began coverage on shares of Provident Financial Services in a report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price objective on the stock. Weiss Ratings lowered shares of Provident Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 12th. Keefe, Bruyette & Woods lifted their target price on shares of Provident Financial Services from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Finally, Royal Bank Of Canada set a $25.00 price target on shares of Provident Financial Services in a research report on Thursday, January 29th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Provident Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $24.08.

Provident Financial Services Stock Performance

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $2.70 billion, a PE ratio of 9.26 and a beta of 0.86. The company has a 50-day moving average price of $21.59 and a two-hundred day moving average price of $20.22.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Wednesday, January 28th. The savings and loans company reported $0.64 earnings per share (EPS) 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 analysts’ expectations of $224.08 million. During the same quarter in the prior year, the firm posted $0.37 EPS. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts predict that Provident Financial Services, Inc will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, February 13th. Provident Financial Services’s dividend payout ratio is presently 43.05%.

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

Institutional Trading of Provident Financial Services

Hedge funds and other institutional investors have recently bought and sold shares of the company. Salomon & Ludwin LLC purchased a new stake in Provident Financial Services in the 3rd quarter worth approximately $26,000. Key Capital Management INC bought a new position in Provident Financial Services in the 4th quarter valued at $26,000. EverSource Wealth Advisors LLC grew its position in shares of Provident Financial Services by 358.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Provident Financial Services in the fourth quarter worth $33,000. Finally, GAMMA Investing LLC increased its holdings in shares of Provident Financial Services by 45.0% in the third quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock worth $34,000 after purchasing an additional 548 shares during the period. 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.