Provident Financial Services, Inc (NYSE:PFS) Stock Has Consensus Target Price of $26.79 According to Brokerages

Key Points

• Analyst consensus is “Moderate Buy”: Four analysts rate Provident Financial Services a buy, one a strong buy and two a hold, with an average 12-month price target of $26.79 versus the reported $22.06 share price.
• Quarterly results exceeded expectations: The company reported adjusted earnings of $0.60 per share and revenue of $234.96 million, surpassing analyst estimates of $0.56 and $225.57 million, respectively.
• Investors receive a 4.4% dividend yield: Provident declared a quarterly dividend of $0.24 per share, or $0.96 annualized; meanwhile, insiders sold 79,166 shares worth approximately $1.86 million during the quarter.

Shares of Provident Financial Services, Inc (NYSE:PFS - Get Free Report) have received an average rating of "Moderate Buy" from the seven analysts that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $26.79.

Several equities analysts have commented on PFS shares. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a research report on Monday, August 3rd. DA Davidson set a $26.00 price target on shares of Provident Financial Services in a research note on Friday, July 31st. Piper Sandler reaffirmed an "overweight" rating and set a $29.00 price objective (up from $26.00) on shares of Provident Financial Services in a research report on Friday, July 31st. Raymond James Financial increased their price objective on Provident Financial Services from $25.00 to $27.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Finally, Hovde Group increased their price objective on Provident Financial Services from $26.50 to $28.50 and gave the company an "outperform" rating in a research note on Friday, July 31st.

Provident Financial Services Stock Down 0.3%

Shares of PFS opened at $22.06 on Wednesday. The company's 50-day simple moving average is $23.32 and its 200-day simple moving average is $22.97. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.03 and a current ratio of 1.03. Provident Financial Services has a 1 year low of $17.69 and a 1 year high of $25.49. The stock has a market capitalization of $2.88 billion, a PE ratio of 9.19 and a beta of 0.83.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings data 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. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. The firm had revenue of $234.96 million during the quarter, compared to analysts' expectations of $225.57 million. During the same quarter in the previous year, the business posted $0.55 earnings per share. Analysts forecast that Provident Financial Services will post 2.44 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, August 14th. This represents a $0.96 annualized dividend and a yield of 4.4%. Provident Financial Services's dividend payout ratio is 40.00%.

Insiders Place Their Bets

In other Provident Financial Services news, EVP Vito Giannola sold 20,000 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $24.36, for a total value of $487,200.00. Following the sale, the executive vice president owned 56,424 shares of the company's stock, valued at $1,374,488.64. This trade represents a 26.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Shara sold 40,266 shares of Provident Financial Services stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $23.06, for a total value of $928,533.96. Following the completion of the transaction, the director owned 382,911 shares of the company's stock, valued at $8,829,927.66. The trade was a 9.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,166 shares of company stock worth $1,856,284 in the last quarter. 3.02% of the stock is owned by company insiders.

Institutional Trading of Provident Financial Services

Several hedge funds have recently added to or reduced their stakes in PFS. Dimensional Fund Advisors LP lifted its stake in Provident Financial Services by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 8,070,734 shares of the savings and loans company's stock worth $170,775,000 after acquiring an additional 256,540 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Provident Financial Services in the 2nd quarter valued at approximately $36,916,000. Assenagon Asset Management S.A. increased its position in shares of Provident Financial Services by 6.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 998,562 shares of the savings and loans company's stock valued at $23,606,000 after purchasing an additional 64,251 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Provident Financial Services by 23.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company's stock valued at $17,698,000 after purchasing an additional 171,103 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Provident Financial Services by 10.7% in the 1st quarter. Principal Financial Group Inc. now owns 827,266 shares of the savings and loans company's stock valued at $17,505,000 after purchasing an additional 80,147 shares in the last quarter. Institutional investors and hedge funds own 71.97% of the company's stock.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community bank headquartered in New Jersey. The bank serves individuals, families, businesses, and municipal organizations through a network of banking offices and digital channels.

Provident Bank offers consumer and commercial deposit products, residential and commercial real estate loans, commercial and industrial lending, consumer credit, and cash-management services. It also provides wealth-management and fiduciary services, along with other financial solutions designed for small and middle-market businesses.

Provident Financial Services traces its banking operations to the late 19th century.

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