Provident Financial Services, Inc (NYSE:PFS) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts rate Provident Financial Services “Moderate Buy”: Of seven analysts, two recommend buying, two strongly recommend buying and three rate it a hold. The average 12-month price target is $25.00, with recent targets ranging from $23 to $27.
• Quarterly results exceeded expectations: Provident reported earnings of $0.60 per share versus the $0.56 consensus estimate, while revenue reached $234.96 million against expectations of $225.57 million. Net interest income and net interest margin also improved year over year.
• The company maintained its dividend: Provident declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 3.9% yield. Institutional investors own approximately 71.97% of the stock, while recent insider selling provides a modestly negative ownership signal.

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 presently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, two have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $25.00.

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. DA Davidson reissued a "neutral" rating and set a $23.00 price objective on shares of Provident Financial Services in a research note on Friday, May 1st. Stephens initiated coverage on shares of Provident Financial Services in a research report on Monday, June 8th. They set an "equal weight" rating and a $24.00 target price on the stock. Weiss Ratings raised shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Finally, Raymond James Financial boosted their price target on Provident Financial Services from $25.00 to $27.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st.

Insider Buying and Selling

In related news, CEO George Lista sold 2,556 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. This represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.02% of the company's stock.

Institutional Trading of Provident Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its stake in shares of Provident Financial Services by 6.9% during 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 during the last quarter. Baron Wealth Management LLC acquired a new stake in shares of Provident Financial Services in the second quarter worth approximately $212,000. Glenmede Trust Co. NA boosted its position in shares of Provident Financial Services by 57.0% in the first quarter. Glenmede Trust Co. NA now owns 25,420 shares of the savings and loans company's stock worth $538,000 after acquiring an additional 9,224 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Provident Financial Services by 23.4% in the first quarter. Bank of America Corp DE now owns 624,648 shares of the savings and loans company's stock worth $13,218,000 after acquiring an additional 118,432 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Provident Financial Services by 9.3% in the first quarter. Janus Henderson Group PLC now owns 329,212 shares of the savings and loans company's stock valued at $6,967,000 after purchasing an additional 27,883 shares during the period. Hedge funds and other institutional investors own 71.97% of the company's stock.

Key Provident Financial Services News

Here are the key news stories impacting Provident Financial Services this week:

• Positive Sentiment: Q2 earnings beat expectations: Provident reported earnings of $0.60 per share, above the $0.56 analyst consensus and up from $0.55 a year earlier. Revenue of $234.96 million also exceeded the $225.57 million estimate. Provident Financial Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Improving core banking trends: Net interest income rose to $202.7 million from $193.7 million in the first quarter and $187.1 million a year earlier. Net interest margin expanded to 3.48%, compared with 3.40% in the prior quarter and 3.36% a year ago. Non-interest income also increased year over year, supported by wealth management and insurance agency income. Provident Financial Services Reports Second Quarter Earnings
• Positive Sentiment: Dividend maintained: The board declared a quarterly cash dividend of $0.24 per common share, payable August 28 to shareholders of record on August 14. The declaration reinforces the company’s income appeal and signals continued confidence in cash generation. Provident Financial Services Declares Quarterly Cash Dividend
• Neutral Sentiment: Mixed ownership signals: During the latest quarter, 137 institutional investors added PFS shares while 88 reduced positions, suggesting continued institutional interest but no uniform bullish positioning.
• Negative Sentiment: Insider selling: Three insiders sold shares during the past six months, with no reported insider purchases. These transactions may modestly temper investor sentiment, although they are not necessarily related to the company’s operating outlook.

Provident Financial Services Price Performance

PFS stock opened at $24.86 on Friday. Provident Financial Services has a 1 year low of $17.61 and a 1 year high of $25.41. The firm has a market cap of $3.24 billion, a P/E ratio of 10.36 and a beta of 0.78. The stock's 50 day moving average price is $23.22 and its 200 day moving average price is $22.27. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.04. Provident Financial Services had a return on equity of 11.09% and a net margin of 22.15%.The business had revenue of $234.96 million for the quarter, compared to the consensus estimate of $225.57 million. During the same period in the prior year, the business earned $0.55 earnings per share. On average, sell-side analysts expect that Provident Financial Services will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. Provident Financial Services's payout ratio is currently 40.85%.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.

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