Provident Financial Services (NYSE:PFS) Upgraded at Raymond James Financial

Provident Financial Services (NYSE:PFS - Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a "strong-buy" rating in a report released on Thursday, Marketbeat.com reports. The brokerage currently has a $21.00 price objective on the savings and loans company's stock. Raymond James Financial's target price indicates a potential upside of 19.66% from the stock's previous close.

Separately, Keefe, Bruyette & Woods dropped their price target on Provident Financial Services from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Provident Financial Services has a consensus rating of "Buy" and an average target price of $23.60.

Provident Financial Services Price Performance

Provident Financial Services stock traded down $0.16 during mid-day trading on Thursday, hitting $17.55. The company's stock had a trading volume of 704,734 shares, compared to its average volume of 714,988. The stock has a market capitalization of $2.29 billion, a P/E ratio of 15.81 and a beta of 0.86. Provident Financial Services has a twelve month low of $14.14 and a twelve month high of $22.24. The stock's fifty day moving average price is $16.87 and its two-hundred day moving average price is $17.51. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.05.

Provident Financial Services (NYSE:PFS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $208.76 million for the quarter, compared to analysts' expectations of $206.86 million. Provident Financial Services had a return on equity of 6.38% and a net margin of 11.45%. The firm's revenue was up 82.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 earnings per share. Research analysts forecast that Provident Financial Services will post 2.14 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Leigh Baldwin & CO. LLC boosted its stake in shares of Provident Financial Services by 1.3% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 49,643 shares of the savings and loans company's stock valued at $852,000 after buying an additional 645 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Provident Financial Services by 30.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company's stock valued at $50,000 after buying an additional 667 shares during the period. Illinois Municipal Retirement Fund boosted its stake in shares of Provident Financial Services by 1.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 72,088 shares of the savings and loans company's stock valued at $1,238,000 after buying an additional 699 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Provident Financial Services by 5.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 14,240 shares of the savings and loans company's stock valued at $269,000 after buying an additional 704 shares during the period. Finally, Summit Investment Advisors Inc. boosted its stake in shares of Provident Financial Services by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,172 shares of the savings and loans company's stock valued at $249,000 after buying an additional 714 shares during the period. Institutional investors and hedge funds own 71.97% of the company's stock.

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.