Provident Financial Services, Inc (PFS) Stock Rating Lowered by Zacks Investment Research

Provident Financial Services, Inc (NYSE:PFS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “

PFS has been the topic of a number of other reports. BidaskClub downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $25.50 target price on shares of Provident Financial Services in a research report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $30.00 target price on shares of Provident Financial Services in a research report on Friday, July 7th. Sandler O’Neill raised shares of Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, ValuEngine downgraded shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Provident Financial Services has an average rating of “Hold” and a consensus target price of $27.50.

Provident Financial Services (NYSE PFS) opened at 26.67 on Thursday. The stock’s 50 day moving average is $24.90 and its 200-day moving average is $25.14. Provident Financial Services has a one year low of $20.73 and a one year high of $28.92. The firm has a market capitalization of $1.72 billion, a PE ratio of 18.39 and a beta of 1.00.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The business had revenue of $83.87 million during 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%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 EPS. On average, analysts anticipate that Provident Financial Services will post $1.49 EPS for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in Provident Financial Services by 5.1% during the 2nd quarter. Jennison Associates LLC now owns 51,163 shares of the savings and loans company’s stock valued at $1,299,000 after purchasing an additional 2,497 shares during the last quarter. Systematic Financial Management LP grew its position in Provident Financial Services by 3.8% during the 2nd quarter. Systematic Financial Management LP now owns 471,698 shares of the savings and loans company’s stock valued at $11,972,000 after purchasing an additional 17,223 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Provident Financial Services by 7.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 301,721 shares of the savings and loans company’s stock valued at $7,800,000 after purchasing an additional 21,075 shares during the last quarter. Legal & General Group Plc grew its position in Provident Financial Services by 2.8% during the 1st quarter. Legal & General Group Plc now owns 110,127 shares of the savings and loans company’s stock valued at $2,846,000 after purchasing an additional 2,988 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Provident Financial Services by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 5,548,692 shares of the savings and loans company’s stock valued at $143,433,000 after purchasing an additional 394,788 shares during the last quarter. 61.23% of the stock is currently owned by hedge funds and other institutional investors.

Provident Financial Services Company Profile

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.

Analyst Recommendations for Provident Financial Services (NYSE:PFS)

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