Provident Financial Services (NYSE:PFS) PT Raised to $19.00

Provident Financial Services (NYSE:PFS) had its price objective raised by Royal Bank of Canada from $18.00 to $19.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the savings and loans company’s stock.

Several other brokerages have also issued reports on PFS. Keefe, Bruyette & Woods reduced their price target on Provident Financial Services from $20.00 to $17.00 and set a market perform rating for the company in a report on Tuesday, March 26th. TheStreet lowered Provident Financial Services from a b- rating to a c+ rating in a report on Wednesday, March 13th. Finally, DA Davidson upgraded Provident Financial Services from a neutral rating to a buy rating and boosted their target price for the stock from $15.00 to $20.00 in a report on Monday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Provident Financial Services currently has a consensus rating of Moderate Buy and a consensus target price of $19.00.

Provident Financial Services Stock Up 0.1 %

Shares of Provident Financial Services stock opened at $15.54 on Monday. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 9.71 and a beta of 1.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.08 and a quick ratio of 1.07. Provident Financial Services has a 52-week low of $13.21 and a 52-week high of $19.62. The stock has a 50-day simple moving average of $14.75 and a 200-day simple moving average of $15.66.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The business had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm’s revenue was down 12.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 EPS. On average, equities research analysts expect that Provident Financial Services will post 1.53 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be issued a $0.24 dividend. The ex-dividend date is Friday, April 26th. This represents a $0.96 annualized dividend and a yield of 6.18%. Provident Financial Services’s dividend payout ratio (DPR) is currently 60.00%.

Insiders Place Their Bets

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total value of $89,300.00. Following the transaction, the director now directly owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. TFO Wealth Partners LLC increased its position in Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after buying an additional 2,101 shares during the period. International Assets Investment Management LLC increased its position in Provident Financial Services by 1,728.7% in the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after buying an additional 6,932 shares during the period. Oak Thistle LLC bought a new position in Provident Financial Services in the 4th quarter worth approximately $202,000. Orion Portfolio Solutions LLC increased its position in 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 worth $221,000 after buying an additional 1,184 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Provident Financial Services by 41.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,016 shares of the savings and loans company’s stock worth $230,000 after buying an additional 4,403 shares during the period. 71.97% of the stock is owned by institutional investors.

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.