Zacks Investment Research lowered shares of Provident Financial Services, Inc (NYSE:PFS) from a buy rating to a hold rating in a report published on Thursday.
According to Zacks, “Provident Financial Services, Inc. is the holding company of The Provident Bank, a community- and customer-oriented banking company. The Provident Bank emphasizes personal service and customer convenience in attending to the financial needs of individuals, families and businesses in northern and central New Jersey. The bank offers a broad array of deposit, loan, trust and investment products. In keeping with its Customer-Centric Strategy. “
Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada reaffirmed a buy rating and set a $30.00 target price on shares of Provident Financial Services in a research note on Friday, July 7th. ValuEngine downgraded shares of Provident Financial Services from a buy rating to a hold rating in a research report on Tuesday, July 25th. Piper Jaffray Companies reissued a hold rating and issued a $25.50 price objective on shares of Provident Financial Services in a research report on Friday, July 14th. BidaskClub downgraded shares of Provident Financial Services from a hold rating to a sell rating in a research report on Monday, July 24th. Finally, DA Davidson began coverage on shares of Provident Financial Services in a research report on Friday, September 1st. They issued a neutral rating and a $25.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Provident Financial Services currently has a consensus rating of Hold and a consensus target price of $27.50.
Shares of Provident Financial Services (PFS) traded down 0.52% on Thursday, hitting $26.67. 225,096 shares of the company were exchanged. The stock has a market capitalization of $1.72 billion, a PE ratio of 18.39 and a beta of 1.00. Provident Financial Services has a 52-week low of $20.73 and a 52-week high of $28.92. The firm’s 50-day moving average is $24.90 and its 200-day moving average is $25.14.
Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $83.87 million for the quarter, compared to analyst estimates of $81.24 million. Provident Financial Services had a net margin of 25.39% and a return on equity of 7.40%. Provident Financial Services’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. Equities research analysts predict that Provident Financial Services will post $1.49 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, August 11th. This is an increase from Provident Financial Services’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.00%. Provident Financial Services’s payout ratio is 54.79%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PFS. BlackRock Inc. boosted its position in shares of Provident Financial Services by 43,449.2% in the first quarter. BlackRock Inc. now owns 7,524,873 shares of the savings and loans company’s stock worth $194,518,000 after acquiring an additional 7,507,594 shares during the last quarter. Vanguard Group Inc. lifted its position in Provident Financial Services by 7.7% during the first quarter. Vanguard Group Inc. now owns 5,548,692 shares of the savings and loans company’s stock valued at $143,433,000 after buying an additional 394,788 shares in the last quarter. Aberdeen Asset Management PLC UK acquired a new position in shares of Provident Financial Services during the second quarter worth $4,776,000. Northern Trust Corp lifted its position in shares of Provident Financial Services by 5.7% during the second quarter. Northern Trust Corp now owns 2,444,532 shares of the savings and loans company’s stock worth $62,043,000 after purchasing an additional 132,884 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Provident Financial Services by 6.8% during the first quarter. Renaissance Technologies LLC now owns 1,064,100 shares of the savings and loans company’s stock worth $27,507,000 after purchasing an additional 68,100 shares in the last quarter. 61.23% of the stock is currently owned by institutional investors and hedge funds.
About Provident Financial Services
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.
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