Provident Financial Services, Inc (NYSE:PFS) Receives $23.93 Consensus Price Target from Analysts

Provident Financial Services, Inc (NYSE:PFS) has received an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $23.9286.

Several equities research analysts have issued reports on the company. DA Davidson reaffirmed a “neutral” rating and set a $23.00 price target on shares of Provident Financial Services in a report on Friday, May 1st. Stephens assumed coverage on Provident Financial Services in a report on Monday, June 8th. They set an “equal weight” rating and a $24.00 price target for the company. Piper Sandler assumed coverage on Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price target for the company. Keefe, Bruyette & Woods raised their price target on Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Finally, Weiss Ratings raised Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st.

Provident Financial Services Trading Down 2.6%

NYSE PFS opened at $22.56 on Thursday. The company has a market cap of $2.94 billion, a PE ratio of 9.60 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. Provident Financial Services has a 12 month low of $15.92 and a 12 month high of $23.98. The stock has a 50 day moving average of $22.37 and a 200-day moving average of $21.52.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.06. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The business had revenue of $225.20 million during the quarter, compared to the consensus estimate of $225.62 million. During the same quarter last year, the firm posted $0.49 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities research analysts anticipate that Provident Financial Services will post 2.36 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.3%. Provident Financial Services’s dividend payout ratio (DPR) is currently 40.85%.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction on Friday, May 8th. The stock was sold at an average price of $22.40, for a total transaction of $57,254.40. Following the completion of the sale, the chief executive officer owned 109,262 shares of the company’s stock, valued at approximately $2,447,468.80. This trade represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the company. Alps Advisors Inc. acquired a new stake in shares of Provident Financial Services during the third quarter worth $444,000. Public Sector Pension Investment Board lifted its holdings in shares of Provident Financial Services by 14.4% during the third quarter. Public Sector Pension Investment Board now owns 509,475 shares of the savings and loans company’s stock worth $9,823,000 after buying an additional 64,026 shares in the last quarter. American Century Companies Inc. raised its stake in Provident Financial Services by 40.4% in the third quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company’s stock valued at $44,513,000 after purchasing an additional 664,021 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Provident Financial Services by 34.2% in the third quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company’s stock valued at $21,145,000 after purchasing an additional 279,216 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in Provident Financial Services in the fourth quarter valued at about $4,209,000. 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.