Provident Financial Services (NYSE:PFS) had its price target lowered by stock analysts at Piper Sandler from $16.00 to $15.00 in a research note issued on Monday, AnalystRatings.com reports. The brokerage presently has an “overweight” rating on the savings and loans company’s stock. Piper Sandler’s price objective suggests a potential upside of 23.15% from the company’s current price.
Several other brokerages also recently weighed in on PFS. ValuEngine raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Thursday, September 3rd. Zacks Investment Research downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Provident Financial Services has a consensus rating of “Hold” and an average price target of $20.50.
Shares of Provident Financial Services stock opened at $12.18 on Monday. Provident Financial Services has a 1 year low of $9.05 and a 1 year high of $25.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $802.35 million, a P/E ratio of 9.09 and a beta of 0.95. The company’s fifty day moving average is $13.22 and its two-hundred day moving average is $13.34.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.07. Provident Financial Services had a net margin of 20.60% and a return on equity of 6.15%. The company had revenue of $84.19 million for the quarter, compared to the consensus estimate of $86.27 million. During the same period last year, the firm posted $0.38 EPS. Provident Financial Services’s revenue for the quarter was down 8.9% on a year-over-year basis. As a group, equities analysts expect that Provident Financial Services will post 0.85 earnings per share for the current year.
In related news, EVP John R. Kamin sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $13.41, for a total value of $53,640.00. Following the completion of the sale, the executive vice president now owns 8,484 shares in the company, valued at $113,770.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund raised its position in shares of Provident Financial Services by 8.6% in the first quarter. New York State Common Retirement Fund now owns 72,000 shares of the savings and loans company’s stock valued at $926,000 after buying an additional 5,700 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Provident Financial Services by 23.2% in the first quarter. Russell Investments Group Ltd. now owns 144,264 shares of the savings and loans company’s stock valued at $1,872,000 after buying an additional 27,179 shares during the last quarter. First Trust Advisors LP raised its position in shares of Provident Financial Services by 2.4% in the first quarter. First Trust Advisors LP now owns 93,525 shares of the savings and loans company’s stock valued at $1,203,000 after buying an additional 2,171 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Provident Financial Services by 69.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,590 shares of the savings and loans company’s stock valued at $72,000 after purchasing an additional 2,293 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Provident Financial Services by 18.6% in the first quarter. PNC Financial Services Group Inc. now owns 32,962 shares of the savings and loans company’s stock valued at $424,000 after purchasing an additional 5,164 shares during the period. Hedge funds and other institutional investors own 66.59% of the company’s stock.
Provident Financial Services Company Profile
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. The company’s deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA, and KEOGH products.
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