Provident Financial Services (NYSE:PFS) PT Lowered to $15.00 at DA Davidson

Provident Financial Services (NYSE:PFS - Free Report) had its target price decreased by DA Davidson from $17.00 to $15.00 in a report released on Thursday, Benzinga reports. DA Davidson currently has a neutral rating on the savings and loans company's stock.

Other analysts also recently issued research reports about the company. Keefe, Bruyette & Woods cut their price target on Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a report on Tuesday. TheStreet downgraded Provident Financial Services from a b- rating to a c+ rating in a research note on Wednesday, March 13th. Finally, Royal Bank of Canada cut their target price on Provident Financial Services from $21.00 to $19.00 and set an outperform rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $17.75.

Provident Financial Services Stock Performance

NYSE:PFS traded up $0.19 during trading hours on Thursday, reaching $14.57. 1,082,464 shares of the stock were exchanged, compared to its average volume of 642,108. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19. The firm has a 50 day simple moving average of $15.56 and a 200-day simple moving average of $15.80. Provident Financial Services has a 52 week low of $13.43 and a 52 week high of $19.80. The stock has a market capitalization of $1.10 billion, a P/E ratio of 8.52 and a beta of 1.07.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04). The company had revenue of $114.76 million during the quarter, compared to the consensus estimate of $114.30 million. Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The company's revenue for the quarter was down 13.3% on a year-over-year basis. During the same period last year, the business posted $0.66 EPS. As a group, sell-side analysts forecast that Provident Financial Services will post 1.68 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.59%. The ex-dividend date of this dividend was Thursday, February 8th. Provident Financial Services's dividend payout ratio (DPR) is presently 56.14%.

Insider Transactions at Provident Financial Services

In related news, Director Robert Mcnerney sold 5,000 shares of the company's stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total transaction of $89,300.00. Following the transaction, the director now directly owns 9,475 shares of the company's stock, valued at $169,223.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PFS. Federated Hermes Inc. grew its stake in Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company's stock valued at $36,000 after purchasing an additional 1,065 shares in the last quarter. TFO Wealth Partners LLC grew its stake in Provident Financial Services by 17,508.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company's stock valued at $38,000 after purchasing an additional 2,101 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in Provident Financial Services by 35.7% in the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company's stock valued at $42,000 after purchasing an additional 470 shares in the last quarter. Point72 Middle East FZE purchased a new position in Provident Financial Services in the fourth quarter valued at about $43,000. Finally, Point72 Europe London LLP purchased a new position in Provident Financial Services in the fourth quarter valued at about $43,000. 71.97% of the stock is owned by institutional investors and hedge funds.

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.