Provident Financial Services, Inc (NYSE:PFS) Receives $24.25 Consensus Price Target from Brokerages

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) has been given a consensus rating of "Buy" by the five analysts that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $23.60.

A number of equities research analysts have commented on PFS shares. Raymond James Financial started coverage on shares of Provident Financial Services in a research note on Thursday. They set a "strong-buy" rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th.

Provident Financial Services Stock Performance

Shares of NYSE PFS traded down $0.13 during trading on Thursday, reaching $17.77. 1,659,336 shares of the company traded hands, compared to its average volume of 715,029. The firm has a 50 day simple moving average of $16.83 and a 200-day simple moving average of $17.53. Provident Financial Services has a 52-week low of $14.14 and a 52-week high of $22.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $2.32 billion, a PE ratio of 16.00 and a beta of 0.86.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. Provident Financial Services had a net margin of 11.45% and a return on equity of 6.38%. The firm had revenue of $208.76 million for the quarter, compared to analysts' expectations of $206.86 million. During the same quarter in the prior year, the business earned $0.43 EPS. The business's quarterly revenue was up 82.4% on a year-over-year basis. Equities research analysts anticipate that Provident Financial Services will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date of this dividend was Friday, May 16th. Provident Financial Services's dividend payout ratio (DPR) is currently 86.49%.

Insider Buying and Selling at Provident Financial Services

In related news, Chairman Christopher P. Martin sold 55,668 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total value of $950,252.76. Following the completion of the transaction, the chairman now directly owns 601,050 shares of the company's stock, valued at approximately $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Provident Financial Services by 447.3% in the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock valued at $26,000 after purchasing an additional 1,230 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Provident Financial Services in the fourth quarter valued at $46,000. Byrne Asset Management LLC grew its holdings in shares of Provident Financial Services by 193.8% in the first quarter. Byrne Asset Management LLC now owns 2,938 shares of the savings and loans company's stock valued at $50,000 after purchasing an additional 1,938 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Provident Financial Services by 30.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company's stock worth $50,000 after buying an additional 667 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in Provident Financial Services in the fourth quarter worth $55,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.