Provident Financial Services (NYSE:PFS) Stock Passes Above 200-Day Moving Average – Time to Sell?

Provident Financial Services, Inc (NYSE:PFS)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $21.95 and traded as high as $23.83. Provident Financial Services shares last traded at $23.6050, with a volume of 855,610 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PFS. Stephens began coverage on Provident Financial Services in a research report on Monday, June 8th. They set an “equal weight” rating and a $24.00 price target on the stock. DA Davidson reissued a “neutral” rating and issued a $23.00 price objective on shares of Provident Financial Services in a report on Friday, May 1st. Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Raymond James Financial raised their target price on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods lifted their price target on Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.79.

Provident Financial Services Stock Up 0.3%

The stock has a market cap of $3.08 billion, a PE ratio of 10.04 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average price of $22.76 and a 200-day moving average price of $21.95.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06. The firm had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 EPS. As a group, analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Provident Financial Services’s dividend payout ratio (DPR) is presently 40.85%.

Insider Activity

In other news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the sale, the chief executive officer owned 109,262 shares in the company, valued at $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New Age Alpha Advisors LLC purchased a new position in shares of Provident Financial Services in the fourth quarter worth about $4,209,000. Assenagon Asset Management S.A. grew its stake in Provident Financial Services by 2,957.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company’s stock valued at $15,547,000 after acquiring an additional 761,427 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Provident Financial Services by 34.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company’s stock valued at $21,145,000 after acquiring an additional 279,216 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Provident Financial Services in the 1st quarter valued at about $2,868,000. Finally, Bridgeway Capital Management LLC raised its holdings in Provident Financial Services by 23.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company’s stock valued at $17,698,000 after acquiring an additional 171,103 shares during the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.