Provident Financial Services (NYSE:PFS) Sets New 52-Week High After Strong Earnings

Shares of Provident Financial Services, Inc (NYSE:PFS) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $25.26 and last traded at $25.1990, with a volume of 61356 shares trading hands. The stock had previously closed at $24.07.

The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The firm had revenue of $234.96 million for the quarter, compared to the consensus estimate of $225.57 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. During the same period in the prior year, the firm posted $0.55 earnings per share.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. 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 target for the company. Weiss Ratings raised Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial increased 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. Finally, DA Davidson reissued a “neutral” rating and issued a $23.00 price objective on shares of Provident Financial Services in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Buying and Selling

In other news, CEO George Lista sold 2,556 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. This represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

A number of institutional investors and hedge funds have recently bought and sold shares of PFS. Key Capital Management INC purchased a new stake in Provident Financial Services during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 worth $27,000 after purchasing an additional 1,210 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Provident Financial Services during the 4th quarter worth approximately $33,000. Danske Bank A S purchased a new stake in shares of Provident Financial Services in the third quarter valued at approximately $58,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Provident Financial Services in the fourth quarter valued at approximately $73,000. 71.97% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Services Stock Performance

The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 10.74 and a beta of 0.78. The firm has a fifty day moving average of $23.17 and a 200 day moving average of $22.23.

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.