Provident Financial Services (NYSE:PFS) Price Target Raised to $20.00

Provident Financial Services (NYSE:PFS) had its price objective lifted by Keefe, Bruyette & Woods from $17.00 to $20.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a market perform rating on the savings and loans company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of Provident Financial Services from a sell rating to a hold rating in a research note on Tuesday, April 23rd. Royal Bank of Canada upped their price objective on shares of Provident Financial Services from $18.00 to $21.00 and gave the company an outperform rating in a research note on Monday. Finally, DA Davidson raised shares of Provident Financial Services from a neutral rating to a buy rating and upped their price objective for the company from $15.00 to $20.00 in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Provident Financial Services presently has an average rating of Hold and a consensus target price of $20.25.

Provident Financial Services Trading Down 4.2 %

Shares of Provident Financial Services stock opened at $17.76 on Monday. Provident Financial Services has a 1 year low of $13.07 and a 1 year high of $19.16. The firm has a market cap of $2.32 billion, a PE ratio of 11.10 and a beta of 1.03. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.03 and a quick ratio of 1.08. The company has a 50 day simple moving average of $15.21 and a two-hundred day simple moving average of $15.32.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.39). Provident Financial Services had a net margin of 9.38% and a return on equity of 4.95%. The company had revenue of $141.51 million for the quarter, compared to the consensus estimate of $148.60 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 42.8% compared to the same quarter last year. Analysts expect that Provident Financial Services will post 1.72 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, August 16th. This represents a $0.96 annualized dividend and a yield of 5.41%. Provident Financial Services’s payout ratio is currently 60.00%.

Institutional Investors Weigh In On Provident Financial Services

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in Provident Financial Services by 991.2% during the 2nd quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock valued at $27,000 after buying an additional 1,685 shares during the period. Rise Advisors LLC purchased a new stake in Provident Financial Services during the 2nd quarter valued at $29,000. TFO Wealth Partners LLC boosted its position in Provident Financial Services by 17,508.3% during the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock valued at $38,000 after buying an additional 2,101 shares during the period. Nisa Investment Advisors LLC raised its holdings in Provident Financial Services by 43.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock worth $58,000 after purchasing an additional 1,218 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in Provident Financial Services in the 1st quarter worth $76,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.