Provident Financial Services (NYSE:PFS) Price Target Cut to $19.00 by Analysts at Royal Bank of Canada

Provident Financial Services (NYSE:PFS) had its target price decreased by Royal Bank of Canada from $21.00 to $19.00 in a research note issued to investors on Tuesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the savings and loans company’s stock.

PFS has been the topic of several other reports. TheStreet cut shares of Provident Financial Services from a b- rating to a c+ rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a market perform rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $17.75.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $14.57 on Tuesday. Provident Financial Services has a 12-month low of $13.43 and a 12-month high of $19.80. The stock has a market capitalization of $1.10 billion, a P/E ratio of 8.52 and a beta of 1.07. The firm’s 50-day moving average is $15.51 and its two-hundred day moving average is $15.79. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.07 and a quick ratio of 1.07.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04). Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The firm had revenue of $114.76 million for the quarter, compared to analyst estimates of $114.30 million. During the same period in the prior year, the business earned $0.66 earnings per share. Provident Financial Services’s revenue for the quarter was down 13.3% on a year-over-year basis. Equities analysts predict that Provident Financial Services will post 1.68 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.59%. Provident Financial Services’s dividend payout ratio (DPR) is presently 56.14%.

Insider Buying and Selling

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the transaction, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. lifted its holdings in Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock worth $36,000 after purchasing an additional 1,065 shares during the period. TFO Wealth Partners LLC raised its position in Provident Financial Services by 17,508.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after acquiring an additional 2,101 shares in the last quarter. Advisor Group Holdings Inc. raised its holdings in Provident Financial Services by 35.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock worth $42,000 after buying an additional 470 shares during the period. Point72 Middle East FZE acquired a new stake in Provident Financial Services during the 4th quarter worth about $43,000. Finally, Point72 Europe London LLP acquired a new stake in Provident Financial Services during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 71.97% of the company’s stock.

About Provident Financial Services

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.