Provident Financial Services, Inc (NYSE:PFS) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Brokerages have set a consensus target price of $22.70 for Provident Financial Services, with four firms recommending a "buy" and one a "strong buy".
• The company reported earnings of $0.55 per share, exceeding expectations, and announced a quarterly dividend of $0.24 per share with a yield of 5.1%.
• Shares are currently trading around $18.78, down 2.5% recently, with a 52-week range between $14.34 and $22.24.

Shares of Provident Financial Services, Inc (NYSE:PFS - Get Free Report) have earned an average rating of "Buy" from the five research firms that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $22.70.

A number of research firms recently commented on PFS. Raymond James Financial began coverage on shares of Provident Financial Services in a research note on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 price objective for the company. Hovde Group raised their price objective on shares of Provident Financial Services from $22.50 to $23.50 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods cut their target price on shares of Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Finally, DA Davidson increased their target price on shares of Provident Financial Services from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Monday, July 28th.

Provident Financial Services Price Performance

NYSE:PFS traded up $0.0070 during trading hours on Friday, reaching $18.6770. 51,319 shares of the company's stock were exchanged, compared to its average volume of 658,013. The business's 50-day simple moving average is $18.03 and its two-hundred day simple moving average is $17.41. Provident Financial Services has a 12 month low of $14.34 and a 12 month 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 1.04. The company has a market capitalization of $2.44 billion, a P/E ratio of 10.55 and a beta of 0.89.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.05. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The firm had revenue of $214.17 million during the quarter, compared to analyst estimates of $213.39 million. During the same quarter last year, the business posted ($0.11) EPS. Sell-side analysts expect that Provident Financial Services will post 2.14 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.24 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.96 dividend on an annualized basis and a yield of 5.1%. Provident Financial Services's dividend payout ratio is presently 54.24%.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of the stock in a transaction that occurred 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 sale, the chairman owned 601,050 shares in the company, valued at $10,259,923.50. This represents a 8.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in Provident Financial Services by 447.3% during the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock worth $26,000 after buying an additional 1,230 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock worth $27,000 after acquiring an additional 1,210 shares during the period. Hantz Financial Services Inc. raised its holdings in Provident Financial Services by 633.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,040 shares of the savings and loans company's stock worth $36,000 after acquiring an additional 1,762 shares during the period. Hillsdale Investment Management Inc. bought a new position in Provident Financial Services in the 2nd quarter worth $39,000. Finally, Aquatic Capital Management LLC bought a new position in Provident Financial Services in the 4th quarter worth $46,000. 71.97% of the stock is owned by institutional investors and hedge funds.

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.