Provident Financial Services (NYSE:PFS) Share Price Crosses Below Fifty Day Moving Average – Here’s Why

Provident Financial Services, Inc (NYSE:PFS) shares passed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $22.81 and traded as low as $22.58. Provident Financial Services shares last traded at $22.7650, with a volume of 581,407 shares traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on PFS shares. DA Davidson set a $26.00 target price on shares of Provident Financial Services in a research report on Friday, July 31st. Hovde Group upped their price target on shares of Provident Financial Services from $26.50 to $28.50 and gave the company an “outperform” rating in a report on Friday, July 31st. Weiss Ratings raised Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $28.00 price objective (up from $26.00) on shares of Provident Financial Services in a research note on Monday, August 3rd. Finally, Piper Sandler reissued an “overweight” rating and set a $29.00 price objective (up from $26.00) on shares of Provident Financial Services in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Provident Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $26.79.

Provident Financial Services Price Performance

The firm has a market cap of $2.97 billion, a P/E ratio of 9.57 and a beta of 0.82. The stock’s 50-day moving average is $22.81 and its 200-day moving average is $22.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.00.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Thursday, October 29th. The savings and loans company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.04. Provident Financial Services had a net margin of 21.73% and a return on equity of 10.82%. The company had revenue of $238.54 million for the quarter, compared to analyst estimates of $235.31 million. During the same period last year, the business posted $0.55 EPS. As a group, equities analysts anticipate that Provident Financial Services, Inc will post 2.40 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.96 dividend on an annualized basis and a yield of 4.2%. Provident Financial Services’s dividend payout ratio (DPR) is 40.34%.

Insider Buying and Selling

In related news, EVP James Christy sold 3,000 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $23.36, for a total transaction of $70,080.00. Following the transaction, the executive vice president directly owned 43,083 shares in the company, valued at $1,006,418.88. The trade was a 6.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Vito Giannola sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $24.36, for a total value of $487,200.00. Following the completion of the transaction, the executive vice president directly owned 56,424 shares of the company’s stock, valued at approximately $1,374,488.64. This trade represents a 26.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 79,166 shares of company stock valued at $1,856,284 over the last three months. 3.02% of the stock is owned by corporate insiders.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently modified their holdings of the company. Latitude Advisors LLC bought a new position in Provident Financial Services in the third quarter worth $26,000. Nykredit A S bought a new stake in Provident Financial Services in the 2nd quarter valued at $55,000. GAMMA Investing LLC increased its holdings in Provident Financial Services by 26.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,230 shares of the savings and loans company’s stock valued at $72,000 after buying an additional 681 shares during the period. First Bancorp Inc ME acquired a new position in shares of Provident Financial Services in the 2nd quarter valued at $86,000. Finally, Jacobi Capital Management LLC acquired a new position in shares of Provident Financial Services in the 3rd quarter valued at $135,000. 71.97% of the stock is currently owned by institutional investors.

About Provident Financial Services

Provident Financial Services, Inc. is the bank holding company for Provident Bank, a community-focused financial institution. The bank traces its history to 1839, when it was established in Jersey City, New Jersey. Provident Bank provides personal and business banking services, including deposit accounts, residential mortgages, consumer loans and commercial lending. It also offers wealth management, trust and fiduciary services. The company primarily serves customers in New Jersey and the surrounding New York metropolitan region, with operations extending into eastern Pennsylvania.