Provident Financial Services (NYSE:PFS) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Provident Financial Services, Inc (NYSE:PFS) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $21.67 and traded as high as $23.72. Provident Financial Services shares last traded at $23.5650, with a volume of 1,005,158 shares changing hands.

Analyst Ratings Changes

A number of analysts have issued reports on the company. DA Davidson reissued a “neutral” rating and issued a $23.00 target price on shares of Provident Financial Services in a research 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. Keefe, Bruyette & Woods increased their price target on Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Piper Sandler started coverage on Provident Financial Services in a report on Monday, March 16th. They issued an “overweight” rating and a $25.00 price objective for the company. Finally, Stephens assumed coverage on Provident Financial Services in a research note on Monday, June 8th. They issued an “equal weight” rating and a $24.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.42.

Provident Financial Services Stock Performance

The stock has a market capitalization of $3.07 billion, a P/E ratio of 10.03 and a beta of 0.78. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average price of $22.49 and a two-hundred day moving average price of $21.67.

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

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were issued a $0.24 dividend. 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 Buying and Selling

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

Institutional Investors Weigh In On Provident Financial Services

Several large investors have recently added to or reduced their stakes in the business. Key Capital Management INC purchased a new position in Provident Financial Services during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Provident Financial Services by 358.0% in 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 acquiring an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Provident Financial Services in the 4th quarter valued at about $33,000. Danske Bank A S purchased a new stake in shares of Provident Financial Services in the 3rd quarter valued at about $58,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Provident Financial Services during the 4th quarter valued at about $73,000. 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.