Provident Financial Services (NYSE:PFS) Sets New 1-Year High - What's Next?

Key Points

• Provident Financial Services hit a new 52-week high on Wednesday, trading as high as $24.07 and closing near $23.96.
• Analyst sentiment is generally positive, with an average Moderate Buy rating and a consensus price target of $24.79; several firms recently reiterated or raised targets.
• The company posted solid quarterly results, with EPS of $0.61 beating estimates and revenue rising 7.9% year over year, while also paying a quarterly dividend that annualizes to a 4.0% yield.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.07 and last traded at $23.9630, with a volume of 109915 shares trading hands. The stock had previously closed at $23.64.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Stephens began coverage on Provident Financial Services in a research note on Monday, June 8th. They set an "equal weight" rating and a $24.00 price target on the stock. Weiss Ratings raised Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Piper Sandler initiated coverage on shares of Provident Financial Services in a research report on Monday, March 16th. They set an "overweight" rating and a $25.00 target price on the stock. DA Davidson reaffirmed a "neutral" rating and issued a $23.00 target price on shares of Provident Financial Services in a research note on Friday, May 1st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Provident Financial Services currently has an average rating of "Moderate Buy" and a consensus target price of $24.79.

Provident Financial Services Price Performance

The stock has a market cap of $3.15 billion, a P/E ratio of 10.29 and a beta of 0.78. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04. The company's 50 day simple moving average is $22.56 and its 200 day simple moving average is $21.74.

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

Provident Financial Services Dividend Announcement

The business also recently declared 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 of this dividend was Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.0%. Provident Financial Services's payout ratio is presently 40.85%.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of the stock in a transaction on 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 sale, the chief executive officer owned 109,262 shares of the company's stock, valued at $2,447,468.80. This represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its stake in shares of Provident Financial Services by 1.0% in the 4th quarter. Russell Investments Group Ltd. now owns 45,333 shares of the savings and loans company's stock valued at $895,000 after purchasing an additional 456 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Provident Financial Services by 1.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 29,888 shares of the savings and loans company's stock worth $590,000 after buying an additional 500 shares during the period. Bleakley Financial Group LLC grew its holdings in shares of Provident Financial Services by 3.4% during the first quarter. Bleakley Financial Group LLC now owns 19,782 shares of the savings and loans company's stock worth $419,000 after buying an additional 652 shares in the last quarter. Farther Finance Advisors LLC raised its position in Provident Financial Services by 17.4% in the 4th quarter. Farther Finance Advisors LLC now owns 4,752 shares of the savings and loans company's stock valued at $94,000 after buying an additional 705 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Provident Financial Services by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 25,075 shares of the savings and loans company's stock valued at $495,000 after buying an additional 769 shares during the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

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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