Analysts Set Provident Financial Services, Inc (NYSE:PFS) Target Price at $22.70

Shares of Provident Financial Services, Inc (NYSE:PFS) have earned a consensus recommendation of “Buy” from the five brokerages that are presently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $22.70.

A number of research analysts recently commented on the company. Hovde Group raised their price target on Provident Financial Services from $22.50 to $23.50 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Raymond James Financial assumed coverage on Provident Financial Services in a research report on Thursday, June 26th. They issued a “strong-buy” rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods decreased their price target on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, DA Davidson raised their price target on Provident Financial Services from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, July 28th.

Provident Financial Services Stock Down 0.7%

PFS stock opened at $18.7650 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 10.60 and a beta of 0.89. The business’s fifty day moving average price is $18.13 and its two-hundred day moving average price is $17.43. Provident Financial Services has a fifty-two week low of $14.34 and a fifty-two week high of $22.24.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.05. Provident Financial Services had a return on equity of 8.80% and a net margin of 16.97%.The firm had revenue of $214.17 million for the quarter, compared to analysts’ expectations of $213.39 million. During the same quarter last year, the business earned ($0.11) EPS. On average, equities analysts anticipate that Provident Financial Services will post 2.14 earnings per share for the current year.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $0.24 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.1%. Provident Financial Services’s dividend payout ratio (DPR) is presently 54.24%.

Insiders Place Their Bets

In related news, Chairman Christopher P. Martin sold 55,668 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total value of $950,252.76. Following the sale, the chairman directly owned 601,050 shares of the company’s stock, valued at $10,259,923.50. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.10% of the stock is owned by company insiders.

Institutional Trading of Provident Financial Services

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in Provident Financial Services by 447.3% in the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company’s stock valued at $26,000 after buying an additional 1,230 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in 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 valued at $27,000 after buying an additional 1,210 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in Provident Financial Services by 633.8% in the second quarter. Hantz Financial Services Inc. now owns 2,040 shares of the savings and loans company’s stock valued at $36,000 after buying an additional 1,762 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Provident Financial Services in the second quarter valued at about $39,000. Finally, Aquatic Capital Management LLC acquired a new stake in Provident Financial Services in the fourth quarter valued at about $46,000. 71.97% of the stock is owned by institutional investors and hedge funds.

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.