Provident Financial Services (NYSE:PFS) Earns Overweight Rating from Analysts at Piper Sandler

Analysts at Piper Sandler began coverage on shares of Provident Financial Services (NYSE:PFS) in a research note issued to investors on Monday. The brokerage set an “overweight” rating and a $25.00 price target on the savings and loans company’s stock. Piper Sandler’s price objective points to a potential upside of 21.24% from the stock’s current price.

Several other brokerages have also issued reports on PFS. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a research note on Thursday, January 29th. DA Davidson initiated coverage on Provident Financial Services in a research report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price objective for the company. Weiss Ratings lowered Provident Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods lifted their target price on Provident Financial Services from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.08.

Provident Financial Services Price Performance

Shares of Provident Financial Services stock traded up $0.26 on Monday, reaching $20.62. 72,740 shares of the stock were exchanged, compared to its average volume of 917,720. The firm’s 50 day moving average is $21.56 and its 200-day moving average is $20.20. Provident Financial Services has a one year low of $14.34 and a one year high of $23.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $2.70 billion, a PE ratio of 9.25 and a beta of 0.86.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Wednesday, January 28th. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Provident Financial Services had a net margin of 21.06% and a return on equity of 10.69%. The business had revenue of $225.03 million for the quarter, compared to analysts’ expectations of $224.08 million. During the same period last year, the firm posted $0.37 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, analysts anticipate that Provident Financial Services will post 2.14 EPS for the current fiscal year.

Provident Financial Services declared that its Board of Directors has initiated a share repurchase plan on Monday, January 26th that allows the company to repurchase $2.81 million in shares. This repurchase authorization allows the savings and loans company to buy up to 0.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC acquired a new position in Provident Financial Services in the 3rd quarter valued at approximately $26,000. Key Capital Management INC acquired a new position in shares of Provident Financial Services during the fourth quarter worth $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Provident Financial Services by 358.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,210 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Provident Financial Services in the fourth quarter valued at $33,000. Finally, GAMMA Investing LLC raised its position in Provident Financial Services by 45.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock worth $34,000 after purchasing an additional 548 shares during the last quarter. 71.97% of the stock is 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.