DA Davidson Issues Positive Forecast for Provident Financial Services (NYSE:PFS) Stock Price

Provident Financial Services (NYSE:PFS) had its price target hoisted by DA Davidson from $24.00 to $27.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the savings and loans company’s stock.

Several other analysts have also weighed in on PFS. Royal Bank of Canada boosted their price objective on Provident Financial Services from $18.00 to $21.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upgraded Provident Financial Services from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $21.00 in a report on Thursday, August 15th. Finally, StockNews.com cut Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Provident Financial Services Stock Performance

Provident Financial Services stock opened at $21.40 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The stock has a 50 day moving average of $19.06 and a 200-day moving average of $17.12. The stock has a market cap of $2.79 billion, a P/E ratio of 20.58 and a beta of 1.03. Provident Financial Services has a 52 week low of $13.07 and a 52 week high of $22.23.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Tuesday, October 29th. The savings and loans company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.11). The company had revenue of $349.38 million for the quarter, compared to the consensus estimate of $211.25 million. Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. During the same quarter last year, the company earned $0.38 earnings per share. On average, analysts expect that Provident Financial Services will post 1.84 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend is Friday, November 15th. Provident Financial Services’s dividend payout ratio is presently 92.31%.

Insider Activity

In other news, EVP Vito Giannola sold 5,499 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $18.09, for a total transaction of $99,476.91. Following the completion of the transaction, the executive vice president now directly owns 88,656 shares in the company, valued at approximately $1,603,787.04. The trade was a 5.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Several institutional investors have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. raised its position in shares of Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after buying an additional 820 shares in the last quarter. Signaturefd LLC raised its holdings in Provident Financial Services by 991.2% during the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,685 shares in the last quarter. Rise Advisors LLC acquired a new stake in Provident Financial Services in the second quarter worth approximately $29,000. Nisa Investment Advisors LLC boosted its stake in Provident Financial Services by 43.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock valued at $58,000 after purchasing an additional 1,218 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of Provident Financial Services during the 1st quarter valued at $76,000. 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.