Provident Financial Services (NYSE:PFS) Shares Break Above 200-Day Moving Average – What’s Next?

Shares of Provident Financial Services, Inc (NYSE:PFS) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $22.83 and traded as high as $22.83. Provident Financial Services shares last traded at $22.5440, with a volume of 796,017 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Hovde Group increased their price objective on Provident Financial Services from $26.50 to $28.50 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Raymond James Financial upped their price target on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Monday, August 3rd. Weiss Ratings lowered shares of Provident Financial Services from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, September 24th. Finally, DA Davidson set a $26.00 price objective on shares of Provident Financial Services in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.79.

Provident Financial Services Price Performance

The stock has a market capitalization of $2.87 billion, a PE ratio of 9.18 and a beta of 0.77. The company’s 50 day simple moving average is $23.75 and its 200 day simple moving average is $22.85. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.99.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. The company had revenue of $234.96 million for the quarter, compared to analyst estimates of $225.57 million. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. During the same quarter last year, the business earned $0.55 EPS. On average, equities analysts anticipate that Provident Financial Services, Inc will post 2.43 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.96 annualized dividend and a yield of 4.4%. Provident Financial Services’s dividend payout ratio (DPR) is 40.00%.

Insider Activity

In other Provident Financial Services news, EVP James A. Christy sold 3,000 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $23.36, for a total value of $70,080.00. Following the transaction, the executive vice president owned 43,083 shares in the company, valued at $1,006,418.88. The trade was a 6.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vito Giannola sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $24.36, for a total transaction of $487,200.00. Following the completion of the transaction, the executive vice president directly owned 56,424 shares of the company’s stock, valued at approximately $1,374,488.64. The trade was a 26.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 79,166 shares of company stock worth $1,856,284 over the last 90 days. Company insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Nykredit A S purchased a new position in shares of Provident Financial Services during the 2nd quarter valued at approximately $55,000. First Bancorp Inc ME acquired a new stake in shares of Provident Financial Services in the 2nd quarter valued at about $86,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Provident Financial Services during the fourth quarter worth about $176,000. Baron Wealth Management LLC acquired a new position in Provident Financial Services in the second quarter worth about $212,000. Finally, Flywheel Private Wealth LLC acquired a new position in Provident Financial Services in the first quarter worth about $212,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

About Provident Financial Services

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community bank serving individuals, families, businesses and nonprofit organizations. The company provides a range of banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, commercial real estate financing, commercial and industrial loans, and consumer lending.

Through its banking operations, Provident also offers cash management, online and mobile banking, wealth management, trust services and other financial solutions.