Provident Financial Services (NYSE:PFS - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.
Several other brokerages have also recently weighed in on PFS. Hovde Group began coverage on Provident Financial Services in a report on Friday, December 13th. They set an "outperform" rating and a $25.00 target price on the stock. DA Davidson raised their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Royal Bank of Canada dropped their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.
Get Our Latest Analysis on Provident Financial Services
Provident Financial Services Price Performance
NYSE PFS traded up $0.05 during mid-day trading on Friday, hitting $18.70. The stock had a trading volume of 51,788 shares, compared to its average volume of 579,837. The firm's 50 day moving average is $19.08 and its 200 day moving average is $19.10. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 17.84 and a beta of 1.07. Provident Financial Services has a twelve month low of $13.07 and a twelve month high of $22.24.
Provident Financial Services (NYSE:PFS - Get Free Report) last issued its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Equities research analysts forecast that Provident Financial Services will post 2.14 earnings per share for the current fiscal year.
Insider Activity
In related news, EVP James A. Christy sold 3,500 shares of Provident Financial Services stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the sale, the executive vice president now owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.29% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. lifted its stake in 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 acquiring an additional 820 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Provident Financial Services during the fourth quarter worth about $46,000. Federated Hermes Inc. acquired a new stake in shares of Provident Financial Services during the fourth quarter worth about $55,000. Sterling Capital Management LLC boosted its stake in shares of Provident Financial Services by 805.9% in the fourth quarter. Sterling Capital Management LLC now owns 3,968 shares of the savings and loans company's stock valued at $75,000 after purchasing an additional 3,530 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Provident Financial Services in the fourth quarter valued at approximately $99,000. 71.97% of the stock is currently owned by hedge funds and other institutional investors.
About Provident Financial Services
(
Get Free Report)
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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