Provident Financial Services (NYSE:PFS) Stock Price Expected to Rise, DA Davidson Analyst Says

Provident Financial Services (NYSE:PFS - Get Free Report) had its target price increased by investment analysts at DA Davidson from $24.00 to $27.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the savings and loans company's stock. DA Davidson's price objective would suggest a potential upside of 27.90% from the stock's previous close.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Provident Financial Services from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $20.00 to $21.00 in a research note on Thursday, August 15th. StockNews.com downgraded shares of Provident Financial Services from a "hold" rating to a "sell" rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of Provident Financial Services from $18.00 to $21.00 and gave the company an "outperform" rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Provident Financial Services Trading Down 0.3 %

NYSE:PFS traded down $0.07 on Friday, reaching $21.11. The company's stock had a trading volume of 223,270 shares, compared to its average volume of 882,423. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.23. The stock has a 50 day moving average price of $18.94 and a 200 day moving average price of $17.03. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 20.30 and a beta of 1.03. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $349.38 million for the quarter, compared to analyst estimates of $211.25 million. Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. During the same quarter last year, the company earned $0.38 earnings per share. On average, equities analysts anticipate that Provident Financial Services will post 1.84 EPS for the current fiscal year.

Insider Activity

In other news, EVP Vito Giannola sold 5,499 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $18.09, for a total value 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 $1,603,787.04. This trade represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.29% of the company's stock.

Institutional Investors Weigh In On Provident Financial Services

Several hedge funds have recently modified their holdings of PFS. Hsbc Holdings PLC boosted its position in Provident Financial Services by 4,245.5% during the second quarter. Hsbc Holdings PLC now owns 3,996,954 shares of the savings and loans company's stock valued at $56,877,000 after purchasing an additional 3,904,975 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Provident Financial Services by 51.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,787,088 shares of the savings and loans company's stock valued at $111,740,000 after purchasing an additional 2,649,643 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of Provident Financial Services by 125.3% during the 2nd quarter. Systematic Financial Management LP now owns 1,690,155 shares of the savings and loans company's stock valued at $24,254,000 after acquiring an additional 939,951 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Provident Financial Services by 56.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,612,246 shares of the savings and loans company's stock valued at $23,136,000 after purchasing an additional 582,844 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Provident Financial Services during the second quarter worth $6,990,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.

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