Provident Financial Services, Inc. (NYSE:PFS - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $13.21 and last traded at $14.25, with a volume of 114723 shares changing hands. The stock had previously closed at $13.75.
Analyst Ratings Changes
A number of analysts have recently issued reports on PFS shares. Keefe, Bruyette & Woods lowered their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a "market perform" rating on the stock in a report on Tuesday, March 26th. DA Davidson lowered their price objective on shares of Provident Financial Services from $17.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, March 28th. Royal Bank of Canada lowered their price objective on shares of Provident Financial Services from $19.00 to $18.00 and set an "outperform" rating on the stock in a report on Tuesday, April 9th. Finally, TheStreet downgraded shares of Provident Financial Services from a "b-" rating to a "c+" rating in a report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.50.
Check Out Our Latest Stock Report on Provident Financial Services
Provident Financial Services Stock Performance
The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 8.46 and a beta of 1.07. The stock's fifty day moving average is $14.78 and its two-hundred day moving average is $15.65. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19.
Provident Financial Services (NYSE:PFS - Get Free Report) last issued its earnings results on Thursday, April 18th. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.03. The business had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a net margin of 18.46% and a return on equity of 7.88%. The firm's revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 earnings per share. On average, analysts predict that Provident Financial Services, Inc. will post 1.63 earnings per share for the current year.
Provident Financial Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a $0.24 dividend. The ex-dividend date was Thursday, February 8th. This represents a $0.96 annualized dividend and a dividend yield of 6.64%. Provident Financial Services's dividend payout ratio is currently 56.14%.
Insider Buying and Selling at Provident Financial Services
In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the company's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the transaction, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.29% of the company's stock.
Hedge Funds Weigh In On Provident Financial Services
Several institutional investors and hedge funds have recently modified their holdings of PFS. Norges Bank acquired a new position in shares of Provident Financial Services in the fourth quarter valued at $15,922,000. State Street Corp boosted its position in shares of Provident Financial Services by 13.4% in the first quarter. State Street Corp now owns 3,953,765 shares of the savings and loans company's stock valued at $75,833,000 after acquiring an additional 466,497 shares during the period. Invesco Ltd. boosted its position in shares of Provident Financial Services by 60.2% in the first quarter. Invesco Ltd. now owns 1,073,084 shares of the savings and loans company's stock valued at $25,110,000 after acquiring an additional 403,067 shares during the period. Mendon Capital Advisors Corp bought a new stake in shares of Provident Financial Services in the fourth quarter valued at about $5,873,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Provident Financial Services by 84.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 650,642 shares of the savings and loans company's stock valued at $11,731,000 after acquiring an additional 298,744 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.
About Provident Financial Services
(
Get Free Report)
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.
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