Provident Financial Services (NYSE:PFS) Rating Increased to Hold at StockNews.com

Provident Financial Services (NYSE:PFS - Get Free Report) was upgraded by stock analysts at StockNews.com from a "sell" rating to a "hold" rating in a research report issued on Tuesday.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lowered their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a "market perform" rating for the company in a report on Tuesday, March 26th. Royal Bank of Canada lifted their price objective on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Monday. TheStreet lowered shares of Provident Financial Services from a "b-" rating to a "c+" rating in a research note on Wednesday, March 13th. Finally, DA Davidson upgraded shares of Provident Financial Services from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $15.00 to $20.00 in a research note on Monday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Provident Financial Services has an average rating of "Moderate Buy" and an average target price of $19.00.

Provident Financial Services Trading Up 2.2 %

Provident Financial Services stock traded up $0.33 during mid-day trading on Tuesday, hitting $15.53. 938,197 shares of the stock were exchanged, compared to its average volume of 708,592. The company has a quick ratio of 1.07, a current ratio of 1.08 and a debt-to-equity ratio of 1.25. Provident Financial Services has a 12 month low of $13.21 and a 12 month high of $19.62. The firm's fifty day simple moving average is $14.75 and its two-hundred day simple moving average is $15.66. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.71 and a beta of 1.07.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The firm had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same quarter last year, the business earned $0.54 EPS. The company's revenue was down 12.3% compared to the same quarter last year. Analysts forecast that Provident Financial Services will post 1.63 EPS for the current year.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the business's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares in the company, valued at approximately $169,223.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in shares of Provident Financial Services by 3.1% in the 3rd quarter. American Century Companies Inc. now owns 2,261,425 shares of the savings and loans company's stock worth $34,577,000 after buying an additional 68,856 shares during the last quarter. Westwood Holdings Group Inc. increased its position in shares of Provident Financial Services by 1.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,885,897 shares of the savings and loans company's stock valued at $34,003,000 after buying an additional 34,730 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Provident Financial Services by 5.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 938,254 shares of the savings and loans company's stock valued at $16,917,000 after buying an additional 48,425 shares during the period. Victory Capital Management Inc. increased its position in shares of Provident Financial Services by 1.9% during the fourth quarter. Victory Capital Management Inc. now owns 630,297 shares of the savings and loans company's stock valued at $11,364,000 after buying an additional 11,778 shares during the period. Finally, Norges Bank bought a new stake in shares of Provident Financial Services during the fourth quarter valued at about $9,419,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

About Provident Financial Services

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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