Provident Financial Services, Inc (NYSE:PFS) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Provident Financial Services, Inc (NYSE:PFS) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $25.00.

A number of research firms have recently commented on PFS. DA Davidson restated a “neutral” rating and issued a $23.00 price objective on shares of Provident Financial Services in a report on Friday, May 1st. Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial increased their target price on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price target on shares of Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Finally, Stephens initiated coverage on shares of Provident Financial Services in a report on Monday, June 8th. They issued an “equal weight” rating and a $24.00 price target on the stock.

Provident Financial Services Trading Up 3.3%

Shares of PFS opened at $24.86 on Friday. 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 firm has a market capitalization of $3.24 billion, a P/E ratio of 10.36 and a beta of 0.78. The stock’s fifty day simple moving average is $23.22 and its 200 day simple moving average is $22.27. Provident Financial Services has a twelve month low of $17.61 and a twelve month high of $25.41.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Wednesday, July 29th. The savings and loans company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. Provident Financial Services had a return on equity of 11.09% and a net margin of 22.15%.The firm had revenue of $234.96 million for the quarter, compared to analysts’ expectations of $225.57 million. During the same quarter last year, the firm earned $0.55 earnings per share. On average, equities research analysts forecast that Provident Financial Services will post 2.36 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.9%. Provident Financial Services’s dividend payout ratio is presently 40.85%.

Provident Financial Services News Summary

Here are the key news stories impacting Provident Financial Services this week:

• Positive Sentiment: Q2 earnings beat expectations: Provident reported earnings of $0.60 per share, above the $0.56 analyst consensus and up from $0.55 a year earlier. Revenue of $234.96 million also exceeded the $225.57 million estimate. Provident Financial Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Improving core banking trends: Net interest income rose to $202.7 million from $193.7 million in the first quarter and $187.1 million a year earlier. Net interest margin expanded to 3.48%, compared with 3.40% in the prior quarter and 3.36% a year ago. Non-interest income also increased year over year, supported by wealth management and insurance agency income. Provident Financial Services Reports Second Quarter Earnings
• Positive Sentiment: Dividend maintained: The board declared a quarterly cash dividend of $0.24 per common share, payable August 28 to shareholders of record on August 14. The declaration reinforces the company’s income appeal and signals continued confidence in cash generation. Provident Financial Services Declares Quarterly Cash Dividend
• Neutral Sentiment: Mixed ownership signals: During the latest quarter, 137 institutional investors added PFS shares while 88 reduced positions, suggesting continued institutional interest but no uniform bullish positioning.
• Negative Sentiment: Insider selling: Three insiders sold shares during the past six months, with no reported insider purchases. These transactions may modestly temper investor sentiment, although they are not necessarily related to the company’s operating outlook.

Insider Activity at Provident Financial Services

In related news, CEO George Lista sold 2,556 shares of Provident Financial Services stock in a transaction on 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 owned 109,262 shares in the company, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.02% of the company’s stock.

Institutional Trading of Provident Financial Services

Several large investors have recently added to or reduced their stakes in PFS. Key Capital Management INC purchased a new position in Provident Financial Services in the fourth quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its position 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 buying an additional 1,210 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of Provident Financial Services in the fourth quarter worth about $33,000. Danske Bank A S acquired a new stake in shares of Provident Financial Services in the third quarter valued at about $58,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Provident Financial Services in the fourth quarter valued at about $73,000. 71.97% of the stock is currently owned by institutional investors and hedge funds.

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.