Provident Financial Services (NYSE:PFS) Downgraded by Zacks Research to "Hold"

Key Points

• Provident Financial Services has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting changes in the analysts' outlook for the stock.
• Despite the downgrade, the company maintains a consensus rating of "Buy" with a price target of $22.70, supported by other analysts boosting their price objectives.
• The stock opened at $19.28 and has shown stable performance with a market cap of $2.52 billion, alongside a notable earnings report exceeding expectations.

Provident Financial Services (NYSE:PFS - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Hovde Group boosted their price objective on Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a report on Friday, July 25th. DA Davidson boosted their price objective on Provident Financial Services from $22.00 to $24.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Raymond James Financial began coverage on Provident Financial Services in a report on Thursday, June 26th. They issued a "strong-buy" rating and a $21.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $22.70.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $19.28 on Monday. The stock has a market cap of $2.52 billion, a PE ratio of 10.89 and a beta of 0.94. The business has a 50-day simple moving average of $19.25 and a 200-day simple moving average of $17.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.04. Provident Financial Services has a 52-week low of $14.34 and a 52-week high of $22.24.

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

Insider Activity

In related news, EVP James A. Christy sold 3,000 shares of Provident Financial Services stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.90, for a total value of $59,700.00. Following the completion of the transaction, the executive vice president owned 39,633 shares in the company, valued at $788,696.70. The trade was a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Pugliese sold 25,000 shares of Provident Financial Services stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $19.91, for a total value of $497,750.00. Following the completion of the transaction, the director owned 87,907 shares of the company's stock, valued at approximately $1,750,228.37. This represents a 22.14% decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Provident Financial Services

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Provident Financial Services by 84.5% in the first quarter. Wellington Management Group LLP now owns 3,207,898 shares of the savings and loans company's stock valued at $55,080,000 after purchasing an additional 1,469,432 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Provident Financial Services in the first quarter valued at approximately $17,412,000. Simon Quick Advisors LLC acquired a new position in Provident Financial Services in the second quarter valued at approximately $10,545,000. Sound Income Strategies LLC acquired a new position in Provident Financial Services in the second quarter valued at approximately $9,548,000. Finally, AQR Capital Management LLC lifted its holdings in Provident Financial Services by 251.3% in the second quarter. AQR Capital Management LLC now owns 413,107 shares of the savings and loans company's stock valued at $7,242,000 after acquiring an additional 295,521 shares during the last quarter. 71.97% of the stock is currently 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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