Provident Financial Services, Inc. (NYSE:PFS) Receives $24.00 Consensus Target Price from Analysts

Provident Financial Services, Inc. (NYSE:PFS) has earned an average recommendation of “Buy” from the four research firms that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $24.00.

PFS has been the subject of a number of research reports. Hovde Group initiated coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They set an “outperform” rating and a $25.00 target price for the company. DA Davidson lifted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada reduced their price objective on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the transaction, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. This trade represents a 9.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. increased its holdings in shares of Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after purchasing an additional 820 shares during the period. KBC Group NV increased its holdings in shares of Provident Financial Services by 40.7% during the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after purchasing an additional 1,848 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Provident Financial Services by 1,779.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after purchasing an additional 7,457 shares during the period. Allworth Financial LP increased its holdings in shares of Provident Financial Services by 35,936.4% during the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock worth $151,000 after purchasing an additional 7,906 shares during the period. Finally, Haverford Trust Co bought a new position in shares of Provident Financial Services during the 3rd quarter worth about $187,000. Institutional investors own 71.97% of the company’s stock.

Provident Financial Services Trading Down 1.7 %

Provident Financial Services stock opened at $18.26 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 17.39 and a beta of 1.07. Provident Financial Services has a 1 year low of $13.07 and a 1 year high of $22.24. The firm’s 50 day moving average price is $19.54 and its two-hundred day moving average price is $19.04.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.60% and a net margin of 10.13%. On average, research analysts predict that Provident Financial Services will post 2.09 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, February 28th. Investors of record on Friday, February 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, February 14th. This represents a $0.96 annualized dividend and a yield of 5.26%. Provident Financial Services’s dividend payout ratio (DPR) is presently 91.43%.

Provident Financial Services Company Profile

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.