Provident Financial Services, Inc (NYSE:PFS) Given Average Rating of “Moderate Buy” by Brokerages

Provident Financial Services, Inc (NYSE:PFS) has been assigned an average rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $22.70.

A number of research analysts have recently commented on PFS shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a report on Wednesday, October 8th. DA Davidson lowered shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Zacks Research downgraded shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th.

Provident Financial Services Price Performance

Shares of PFS stock opened at $20.70 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $2.70 billion, a PE ratio of 10.56 and a beta of 0.88. The firm’s 50-day moving average is $19.22 and its two-hundred day moving average is $18.88. Provident Financial Services has a 12 month low of $14.34 and a 12 month high of $21.29.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share for the quarter. Provident Financial Services had a net margin of 18.76% and a return on equity of 9.62%. The business had revenue of $114.54 million during the quarter. Analysts predict that Provident Financial Services will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a $0.24 dividend. The ex-dividend date was Friday, November 14th. This represents a $0.96 annualized dividend and a yield of 4.6%. Provident Financial Services’s dividend payout ratio is 48.98%.

Insider Activity

In other news, CEO George Lista sold 8,262 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $18.35, for a total value of $151,607.70. Following the transaction, the chief executive officer owned 108,656 shares of the company’s stock, valued at approximately $1,993,837.60. The trade was a 7.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFS. Salomon & Ludwin LLC purchased a new position in shares of Provident Financial Services during the third quarter valued at approximately $26,000. EverSource Wealth Advisors LLC lifted its stake 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 worth $27,000 after purchasing an additional 1,210 shares during the period. GAMMA Investing LLC lifted its stake in shares of Provident Financial Services by 45.0% during the 3rd 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. Hantz Financial Services Inc. boosted its holdings in shares of Provident Financial Services by 633.8% during the second quarter. Hantz Financial Services Inc. now owns 2,040 shares of the savings and loans company’s stock worth $36,000 after purchasing an additional 1,762 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in Provident Financial Services in the second quarter valued at $39,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company Profile

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.