Keefe, Bruyette & Woods Cuts Provident Financial Services (NYSE:PFS) Price Target to $17.00

Provident Financial Services (NYSE:PFS) had its target price decreased by Keefe, Bruyette & Woods from $20.00 to $17.00 in a research report report published on Tuesday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the savings and loans company’s stock.

Separately, TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $17.75.

Provident Financial Services Stock Up 1.3 %

Shares of NYSE:PFS opened at $14.57 on Tuesday. The firm’s 50 day moving average price is $15.56 and its 200 day moving average price is $15.80. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 8.52 and a beta of 1.07. Provident Financial Services has a fifty-two week low of $13.43 and a fifty-two week high of $19.80. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.04). Provident Financial Services had a net margin of 18.46% and a return on equity of 7.88%. The firm had revenue of $114.76 million during the quarter, compared to analyst estimates of $114.30 million. During the same period last year, the business earned $0.66 EPS. The firm’s revenue was down 13.3% compared to the same quarter last year. As a group, equities research analysts predict that Provident Financial Services will post 1.68 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.59%. Provident Financial Services’s dividend payout ratio (DPR) is presently 56.14%.

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the transaction, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of PFS. Advisor Group Holdings Inc. grew its position in Provident Financial Services by 35.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock valued at $42,000 after buying an additional 470 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Provident Financial Services by 19.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 12,296 shares of the savings and loans company’s stock valued at $288,000 after buying an additional 1,986 shares during the last quarter. Citigroup Inc. grew its position in Provident Financial Services by 6.4% in the 1st quarter. Citigroup Inc. now owns 67,130 shares of the savings and loans company’s stock valued at $1,571,000 after buying an additional 4,031 shares during the last quarter. Natixis Advisors L.P. grew its position in Provident Financial Services by 45.3% in the 1st quarter. Natixis Advisors L.P. now owns 15,646 shares of the savings and loans company’s stock valued at $366,000 after buying an additional 4,877 shares during the last quarter. Finally, Bank of Montreal Can grew its position in Provident Financial Services by 69.9% in the 1st quarter. Bank of Montreal Can now owns 36,093 shares of the savings and loans company’s stock valued at $855,000 after buying an additional 14,853 shares during the last quarter. 71.97% of the stock is currently owned by hedge funds and other 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.