Provident Financial Services, Inc (NYSE:PFS) Receives $23.92 Average PT from Brokerages

Provident Financial Services, Inc (NYSE:PFS) has earned a consensus recommendation of “Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $23.9167.

Several brokerages have recently issued reports on PFS. Keefe, Bruyette & Woods upped their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Piper Sandler assumed coverage on shares of Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price target on the stock. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Royal Bank Of Canada set a $25.00 price target on shares of Provident Financial Services in a report on Thursday, January 29th. Finally, DA Davidson reiterated a “neutral” rating and set a $23.00 price target on shares of Provident Financial Services in a report on Friday, May 1st.

Insider Buying and Selling

In related news, CEO George Lista sold 2,556 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $22.40, for a total transaction of $57,254.40. Following the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. This represents a 2.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds have recently added to or reduced their stakes in the stock. Key Capital Management INC bought a new position in Provident Financial Services in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC grew its stake in Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Provident Financial Services in the 4th quarter worth about $33,000. Danske Bank A S bought a new position in Provident Financial Services in the 3rd quarter worth about $58,000. Finally, Hillsdale Investment Management Inc. grew its stake in Provident Financial Services by 40.9% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company’s stock worth $60,000 after acquiring an additional 900 shares in the last quarter. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Stock Up 0.7%

Shares of NYSE PFS opened at $22.30 on Friday. The firm’s 50-day moving average price is $21.69 and its 200-day moving average price is $21.00. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 9.49 and a beta of 0.80. Provident Financial Services has a 12-month low of $15.92 and a 12-month high of $23.98.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.06. The firm had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $225.62 million. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 EPS. On average, equities research analysts anticipate that Provident Financial Services will post 2.36 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 15th. Provident Financial Services’s dividend payout ratio is presently 40.85%.

Provident Financial Services declared that its Board of Directors has approved a stock repurchase plan on Monday, January 26th that permits the company to buyback $2.81 million in outstanding shares. This buyback authorization permits the savings and loans company to purchase up to 0.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

About Provident Financial Services

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.