Provident Financial Services (NYSE:PFS) Stock Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Provident Financial Services shares moved above their 200-day moving average of $22.83, trading near $22.54, while the stock remains below its 50-day average of $23.79.
• Analysts maintain a generally positive outlook: the stock has a consensus “Moderate Buy” rating and a $26.79 target price, compared with recent trading around $22.54.
• The company reported quarterly EPS of $0.60, beating estimates by $0.04, and pays a $0.24 quarterly dividend for a roughly 4.3% annual yield; however, insiders sold 79,166 shares worth about $1.86 million over the past 90 days.

Shares of Provident Financial Services, Inc (NYSE:PFS - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $22.83 and traded as high as $22.83. Provident Financial Services shares last traded at $22.5440, with a volume of 796,017 shares changing hands.

Analyst Ratings Changes

A number of analysts have commented on PFS shares. Raymond James Financial lifted their target price on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods restated 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. Weiss Ratings cut Provident Financial Services from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday. 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 note on Friday, July 31st. Finally, Hovde Group upped their price objective on Provident Financial Services from $26.50 to $28.50 and gave the company an "outperform" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Provident Financial Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.79.

Provident Financial Services Stock Down 1.3%

The company has a market cap of $2.94 billion, a price-to-earnings ratio of 9.39 and a beta of 0.77. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.99. The firm's fifty day moving average price is $23.79 and its 200-day moving average price is $22.83.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.04. The business had revenue of $234.96 million during the quarter, compared to analysts' expectations of $225.57 million. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. During the same quarter in the prior year, the company earned $0.55 EPS. Sell-side analysts predict that Provident Financial Services, Inc will post 2.43 earnings per share for the current year.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, August 14th. Provident Financial Services's dividend payout ratio is 40.00%.

Insider Transactions at Provident Financial Services

In related news, EVP Vito Giannola sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $24.36, for a total value of $487,200.00. Following the completion of the transaction, the executive vice president directly owned 56,424 shares in the company, valued at approximately $1,374,488.64. The trade was a 26.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Shara sold 40,266 shares of the business's stock in a transaction that occurred on 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. This represents a 9.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,166 shares of company stock valued at $1,856,284 over the last 90 days. 3.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of 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 valued at $170,775,000 after buying an additional 256,540 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Provident Financial Services during the second quarter worth $36,916,000. Assenagon Asset Management S.A. lifted its position in 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 acquiring an additional 64,251 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in 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 acquiring an additional 171,103 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in 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 worth $17,505,000 after purchasing an additional 80,147 shares during the period. Institutional investors 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 serving individuals, families, businesses and nonprofit organizations. The company provides a range of banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, commercial real estate financing, commercial and industrial loans, and consumer lending.

Through its banking operations, Provident also offers cash management, online and mobile banking, wealth management, trust services and other financial solutions.

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