Provident Financial Services (NYSE:PFS) Given New $24.00 Price Target at DA Davidson

Key Points

• DA Davidson has raised the price target for Provident Financial Services (NYSE:PFS) from $22.00 to $24.00, indicating a potential upside of 24.35% from its current price and maintaining a "buy" rating.
• Provident Financial Services reported an EPS of $0.55 for the most recent quarter, surpassing analysts' expectations and generating revenue of $214.17 million.
• Insider trading activity revealed Chairman Christopher P. Martin sold over 55,000 shares at an average price of $17.07, reducing his ownership by 8.48%.

Provident Financial Services (NYSE:PFS - Free Report) had its price objective lifted by DA Davidson from $22.00 to $24.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the savings and loans company's stock. DA Davidson also issued estimates for Provident Financial Services' Q3 2025 earnings at $0.55 EPS, FY2025 earnings at $2.16 EPS and FY2026 earnings at $2.40 EPS.

Other equities analysts have also recently issued reports about the company. Hovde Group lifted their price target on Provident Financial Services from $22.50 to $23.50 and gave the company an "outperform" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods lowered their price target on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Finally, Raymond James Financial started coverage on Provident Financial Services in a research report on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 price target on the stock. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $22.70.

Provident Financial Services Stock Performance

Shares of Provident Financial Services stock traded down $0.22 on Monday, reaching $18.00. 722,850 shares of the company were exchanged, compared to its average volume of 666,113. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.03 and a current ratio of 1.03. The company's 50-day moving average is $17.59 and its two-hundred day moving average is $17.48. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 10.17 and a beta of 0.86. Provident Financial Services has a 1-year low of $14.34 and a 1-year high of $22.24.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share 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 company had revenue of $214.17 million during the quarter, compared to analyst estimates of $213.39 million. During the same period in the prior year, the business posted ($0.11) EPS. As a group, research analysts expect that Provident Financial Services will post 2.14 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend is Friday, August 15th. Provident Financial Services's dividend payout ratio (DPR) is 54.24%.

Insider Activity

In other Provident Financial Services news, Chairman Christopher P. Martin sold 55,668 shares of Provident Financial Services stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $17.07, for a total transaction of $950,252.76. Following the transaction, the chairman directly owned 601,050 shares in the company, valued at approximately $10,259,923.50. The trade was a 8.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Provident Financial Services

Several hedge funds and other institutional investors have recently modified their holdings of PFS. GAMMA Investing LLC lifted its stake in Provident Financial Services by 447.3% in the 1st quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company's stock worth $26,000 after acquiring an additional 1,230 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Provident Financial Services during the fourth quarter worth $46,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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. Federated Hermes Inc. bought a new stake in Provident Financial Services during the fourth quarter worth approximately $55,000. Finally, AlphaQuest LLC acquired a new position in Provident Financial Services in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 71.97% of the company's stock.

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.