Provident Financial Services (NYSE:PFS) Hits New 52-Week High - Still a Buy?

Key Points

• Provident Financial Services hit a new 52-week high, trading as high as $24.29 and ending around $24.35, up about 3.7% on the day.
• Analyst sentiment is mixed but generally positive: the stock carries a Moderate Buy consensus with a $24.79 target price, while Raymond James recently raised its target to $27 and kept a strong-buy rating.
• The company reported solid fundamentals, including Q1 earnings of $0.61 per share vs. $0.55 expected, and it pays a quarterly dividend of $0.24, implying a 3.9% yield.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.29 and last traded at $24.3540, with a volume of 87306 shares. The stock had previously closed at $23.62.

Wall Street Analyst Weigh In

Several analysts recently commented on PFS shares. DA Davidson reaffirmed a "neutral" rating and issued a $23.00 price target on shares of Provident Financial Services in a research note on Friday, May 1st. Raymond James Financial lifted their price objective 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. Keefe, Bruyette & Woods boosted their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Stephens assumed coverage on shares of Provident Financial Services in a report on Monday, June 8th. They issued an "equal weight" rating and a $24.00 target price on the stock. Finally, Weiss Ratings upgraded shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Provident Financial Services presently has an average rating of "Moderate Buy" and a consensus target price of $24.79.

Provident Financial Services Stock Up 3.7%

The business's fifty day simple moving average is $22.76 and its 200 day simple moving average is $21.95. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 10.44 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.06. The company had revenue of $225.20 million during the quarter, compared to analysts' expectations of $225.62 million. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.Provident Financial Services's revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 EPS. Equities analysts forecast that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a $0.24 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.96 annualized dividend and a yield of 3.9%. Provident Financial Services's payout ratio is presently 40.85%.

Insider Buying and Selling

In other news, CEO George Lista sold 2,556 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $22.40, for a total transaction of $57,254.40. Following the completion of the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. This represents a 2.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.02% of the company's stock.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the business. New Age Alpha Advisors LLC purchased a new stake in shares of Provident Financial Services during the fourth quarter valued at approximately $4,209,000. Assenagon Asset Management S.A. boosted its position in Provident Financial Services by 2,957.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company's stock worth $15,547,000 after purchasing an additional 761,427 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Provident Financial Services by 34.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company's stock valued at $21,145,000 after purchasing an additional 279,216 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Provident Financial Services during the 1st quarter valued at $2,868,000. Finally, Bridgeway Capital Management LLC increased its holdings in Provident Financial Services by 23.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company's stock worth $17,698,000 after buying an additional 171,103 shares during the last quarter. Institutional investors own 71.97% of the company's stock.

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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