Provident Financial Services (NYSE:PFS) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Provident Financial Services (NYSE:PFS) shares rose above their 200-day moving average, trading as high as $23.83 and last changing hands near $23.61.
• Analyst sentiment is generally positive, with a Moderate Buy consensus and an average price target of $24.79; Raymond James recently raised its target to $27 and kept a strong-buy rating.
• The company reported better-than-expected quarterly earnings of $0.61 per share, and it pays a quarterly dividend of $0.24 per share, implying a 4.1% annual yield.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $21.95 and traded as high as $23.83. Provident Financial Services shares last traded at $23.6050, with a volume of 855,610 shares traded.

Wall Street Analyst Weigh In

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

Provident Financial Services Stock Performance

The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $3.08 billion, a PE ratio of 10.04 and a beta of 0.78. The firm's 50-day simple moving average is $22.76 and its 200-day simple moving average is $21.95.

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

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, May 15th. Provident Financial Services's dividend payout ratio (DPR) is presently 40.85%.

Insiders Place Their Bets

In other Provident Financial Services news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction on Friday, May 8th. The stock was 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 directly owned 109,262 shares of the company's stock, valued at $2,447,468.80. The trade was a 2.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.02% of the stock is currently owned by company insiders.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in Provident Financial Services by 1.0% during the 4th quarter. Russell Investments Group Ltd. now owns 45,333 shares of the savings and loans company's stock worth $895,000 after buying an additional 456 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Provident Financial Services by 1.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 29,888 shares of the savings and loans company's stock valued at $590,000 after acquiring an additional 500 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Provident Financial Services by 3.4% in the 1st quarter. Bleakley Financial Group LLC now owns 19,782 shares of the savings and loans company's stock valued at $419,000 after acquiring an additional 652 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of 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 acquiring an additional 705 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Provident Financial Services by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 25,075 shares of the savings and loans company's stock worth $495,000 after acquiring an additional 769 shares during the period. 71.97% of the stock is currently owned by institutional investors.

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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