Provident Financial Services (PFS) – Analysts’ Weekly Ratings Updates

Provident Financial Services (NYSE: PFS) recently received a number of ratings updates from brokerages and research firms:

• 4/23/2024 – Provident Financial Services was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 4/22/2024 – Provident Financial Services had its price target raised by analysts at Royal Bank of Canada from $18.00 to $19.00. They now have an “outperform” rating on the stock.
• 4/22/2024 – Provident Financial Services was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating. They now have a $20.00 price target on the stock, up previously from $15.00.
• 4/9/2024 – Provident Financial Services had its price target lowered by analysts at Royal Bank of Canada from $19.00 to $18.00. They now have an “outperform” rating on the stock.
• 3/28/2024 – Provident Financial Services had its price target lowered by analysts at DA Davidson from $17.00 to $15.00. They now have a “neutral” rating on the stock.
• 3/26/2024 – Provident Financial Services had its price target lowered by analysts at Royal Bank of Canada from $21.00 to $19.00. They now have an “outperform” rating on the stock.
• 3/26/2024 – Provident Financial Services had its price target lowered by analysts at Keefe, Bruyette & Woods from $20.00 to $17.00. They now have a “market perform” rating on the stock.
• 3/13/2024 – Provident Financial Services was downgraded by analysts at TheStreet from a “b-” rating to a “c+” rating.

Provident Financial Services Price Performance

NYSE:PFS opened at $15.20 on Friday. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 9.50 and a beta of 1.07. Provident Financial Services, Inc. has a 1 year low of $13.21 and a 1 year high of $19.62. The business has a 50 day simple moving average of $14.74 and a 200-day simple moving average of $15.66. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.08 and a quick ratio of 1.07.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was down 12.3% on a year-over-year basis. Equities analysts forecast that Provident Financial Services, Inc. will post 1.63 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, April 29th will be issued a $0.24 dividend. The ex-dividend date is Friday, April 26th. This represents a $0.96 annualized dividend and a dividend yield of 6.32%. Provident Financial Services’s payout ratio is 60.00%.

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total value of $89,300.00. Following the sale, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. TFO Wealth Partners LLC increased its holdings in Provident Financial Services by 17,508.3% during the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after purchasing an additional 2,101 shares during the period. International Assets Investment Management LLC increased its holdings in Provident Financial Services by 1,728.7% during the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after purchasing an additional 6,932 shares during the period. Oak Thistle LLC purchased a new position in Provident Financial Services during the 4th quarter worth $202,000. Everence Capital Management Inc. purchased a new position in Provident Financial Services during the 4th quarter worth $253,000. Finally, Orion Portfolio Solutions LLC increased its holdings in Provident Financial Services by 8.9% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock worth $221,000 after purchasing an additional 1,184 shares during the period. 71.97% of the stock is currently owned by hedge funds and other institutional investors.

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.