Provident Financial Services (NYSE:PFS) Rating Lowered to Hold at DA Davidson

Key Points

• Provident Financial Services has been downgraded from a "strong-buy" to a "hold" rating by DA Davidson, reflecting a shift in analyst sentiment.
• Other research firms have echoed this sentiment, with Zacks Research and Weiss Ratings also issuing "hold" ratings on PFS stock.
• Despite the downgrade, Provident Financial's stock increased by 2.1% on the day it was downgraded, with an average target price of $22.70 from analysts.

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

A number of other research firms have also recently commented on PFS. Weiss Ratings reissued a "hold (c+)" rating on shares of Provident Financial Services in a research note on Wednesday, October 8th. Zacks Research cut shares of Provident Financial Services from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 29th. Hovde Group boosted their target price 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. Finally, Raymond James Financial assumed coverage on shares of Provident Financial Services in a research note on Thursday, June 26th. They set a "strong-buy" rating and a $21.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Provident Financial Services presently has an average rating of "Moderate Buy" and an average target price of $22.70.

Provident Financial Services Stock Up 2.1%

PFS opened at $18.65 on Monday. Provident Financial Services has a fifty-two week low of $14.34 and a fifty-two week high of $22.24. 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 has a fifty day moving average of $19.45 and a two-hundred day moving average of $17.96. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 10.53 and a beta of 0.91.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings data on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share for the quarter. Provident Financial Services had a net margin of 16.97% and a return on equity of 8.80%. The company had revenue of $114.54 million during the quarter. On average, research analysts expect that Provident Financial Services will post 2.14 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Provident Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of PFS. GAMMA Investing LLC boosted its holdings 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 valued at $26,000 after purchasing an additional 1,230 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Provident Financial Services in the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted 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 valued at $27,000 after purchasing an additional 1,210 shares during the last quarter. Hantz Financial Services Inc. boosted 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 valued at $36,000 after purchasing an additional 1,762 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in Provident Financial Services in the 2nd quarter valued at about $39,000. 71.97% of the stock is currently owned by institutional investors and hedge funds.

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.

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