Provident Financial Services, Inc (NYSE:PFS) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Provident Financial Services, Inc (NYSE:PFS) have been given an average rating of “Moderate Buy” by the eight ratings firms that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $24.7857.

A number of analysts have weighed in on the company. Raymond James Financial boosted their price target on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Piper Sandler initiated coverage on Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price objective on the stock. Stephens started coverage on Provident Financial Services in a research note on Monday, June 8th. They issued an “equal weight” rating and a $24.00 price objective on the stock. Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, DA Davidson reaffirmed a “neutral” rating and set a $23.00 target price on shares of Provident Financial Services in a research report on Friday, May 1st.

Provident Financial Services Stock Down 0.0%

PFS stock opened at $23.53 on Monday. 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 1 year low of $17.61 and a 1 year high of $24.24. The company has a fifty day simple moving average of $22.71 and a 200 day simple moving average of $21.88. The firm has a market cap of $3.07 billion, a PE ratio of 10.01 and a beta of 0.78.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. The firm had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. Provident Financial Services’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. Sell-side 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 disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Provident Financial Services’s dividend payout ratio is currently 40.85%.

Insider Buying and Selling

In related news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the transaction, the chief executive officer owned 109,262 shares in the company, valued at $2,447,468.80. This trade represents a 2.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

Several large investors have recently made changes to their positions in PFS. Assenagon Asset Management S.A. grew its holdings in Provident Financial Services by 2,957.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company’s stock valued at $15,547,000 after buying an additional 761,427 shares during the last quarter. Wellington Management Group LLP increased its position in Provident Financial Services by 10.0% in the 3rd quarter. Wellington Management Group LLP now owns 6,359,098 shares of the savings and loans company’s stock worth $122,603,000 after buying an additional 576,673 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Provident Financial Services by 38.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,239,628 shares of the savings and loans company’s stock worth $24,483,000 after buying an additional 342,301 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Provident Financial Services by 251.3% during the second quarter. AQR Capital Management LLC now owns 413,107 shares of the savings and loans company’s stock worth $7,242,000 after buying an additional 295,521 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of 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 acquiring an additional 279,216 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.

About Provident Financial Services

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.