Provident Financial Services (NYSE:PFS) Lowered to “Sell” Rating by StockNews.com

StockNews.com cut shares of Provident Financial Services (NYSE:PFS) from a hold rating to a sell rating in a research report report published on Thursday morning.

PFS has been the topic of several other research reports. Hovde Group began coverage on shares of Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 target price on the stock. DA Davidson upped their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Provident Financial Services Stock Down 3.3 %

Shares of NYSE:PFS opened at $17.98 on Thursday. The company has a 50-day moving average price of $20.13 and a 200 day moving average price of $18.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.24. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 17.29 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.11). The company had revenue of $349.38 million during the quarter, compared to the consensus estimate of $211.25 million. Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. During the same period in the previous year, the business earned $0.38 earnings per share. As a group, equities research analysts predict that Provident Financial Services will post 1.84 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date of this dividend was Friday, November 15th. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was 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 of the company’s stock, valued at $715,223.52. This represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA increased its stake in shares of Provident Financial Services by 5.1% during the third quarter. Glenmede Trust Co. NA now owns 16,672 shares of the savings and loans company’s stock valued at $309,000 after buying an additional 802 shares during the period. Nomura Asset Management Co. Ltd. increased its position in 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 valued at $28,000 after purchasing an additional 820 shares during the period. D.A. Davidson & CO. raised its holdings in shares of Provident Financial Services by 3.3% in the 3rd quarter. D.A. Davidson & CO. now owns 29,402 shares of the savings and loans company’s stock valued at $546,000 after purchasing an additional 944 shares in the last quarter. Aigen Investment Management LP lifted its position in shares of Provident Financial Services by 6.5% in the 3rd quarter. Aigen Investment Management LP now owns 20,616 shares of the savings and loans company’s stock worth $383,000 after purchasing an additional 1,257 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in Provident Financial Services by 9.3% during the third quarter. Quantinno Capital Management LP now owns 23,042 shares of the savings and loans company’s stock valued at $428,000 after buying an additional 1,954 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

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.