Provident Financial Services (NYSE:PFS) Sets New 52-Week High – Should You Buy?

Provident Financial Services, Inc (NYSE:PFS) shares reached a new 52-week high on Monday . The company traded as high as $23.98 and last traded at $23.92, with a volume of 111085 shares trading hands. The stock had previously closed at $23.79.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised their price target on Provident Financial Services from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of Provident Financial Services in a research note on Thursday, January 22nd. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a report on Thursday, January 29th. Finally, DA Davidson lowered shares of Provident Financial Services from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Provident Financial Services Stock Performance

The company has a market capitalization of $3.04 billion, a P/E ratio of 10.43 and a beta of 0.86. The business has a 50 day moving average of $20.95 and a 200 day moving average of $19.73. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.90.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings data on Tuesday, January 27th. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $225.03 million for the quarter, compared to the consensus estimate of $224.08 million. Provident Financial Services had a return on equity of 10.69% and a net margin of 21.06%.The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS. On average, sell-side analysts predict that Provident Financial Services, Inc will post 2.14 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, February 13th. This represents a $0.96 annualized dividend and a yield of 4.1%. Provident Financial Services’s dividend payout ratio (DPR) is 43.05%.

Provident Financial Services declared that its board has approved a stock buyback plan on Monday, January 26th that allows the company to buyback $2.81 million in shares. This buyback authorization allows the savings and loans company to reacquire up to 0.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC bought a new stake in Provident Financial Services during the third quarter worth approximately $26,000. Key Capital Management INC bought a new position in shares of Provident Financial Services during the 4th quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in 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 valued at $27,000 after buying an additional 1,210 shares during the period. GAMMA Investing LLC lifted its position in Provident Financial Services by 45.0% in the third quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock worth $34,000 after buying an additional 548 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in 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 buying an additional 1,762 shares during the period. Institutional investors 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.