Provident Financial Services, Inc. (NYSE:PFS - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $17.30, but opened at $16.72. Provident Financial Services shares last traded at $16.75, with a volume of 30,339 shares.
Wall Street Analysts Forecast Growth
PFS has been the subject of several recent analyst reports. DA Davidson upgraded shares of Provident Financial Services from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $15.00 to $20.00 in a research report on Monday, April 22nd. StockNews.com cut shares of Provident Financial Services from a "hold" rating to a "sell" rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Provident Financial Services from $17.00 to $20.00 and gave the company a "market perform" rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada upped their price target on shares of Provident Financial Services from $18.00 to $21.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.25.
View Our Latest Analysis on Provident Financial Services
Provident Financial Services Stock Performance
The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.50 and a beta of 1.03. The stock's 50 day moving average is $15.34 and its 200 day moving average is $15.30. The company has a current ratio of 1.03, a quick ratio of 1.08 and a debt-to-equity ratio of 1.08.
Provident Financial Services (NYSE:PFS - Get Free Report) last released its earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.39). The firm had revenue of $141.51 million during the quarter, compared to analysts' expectations of $148.60 million. Provident Financial Services had a net margin of 9.38% and a return on equity of 4.95%. Provident Financial Services's revenue for the quarter was up 42.8% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. On average, analysts predict that Provident Financial Services, Inc. will post 1.72 earnings per share for the current year.
Provident Financial Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 16th. This represents a $0.96 annualized dividend and a dividend yield of 5.71%. Provident Financial Services's payout ratio is currently 60.00%.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. Signaturefd LLC raised its holdings in Provident Financial Services by 991.2% in the second quarter. Signaturefd LLC now owns 1,855 shares of the savings and loans company's stock valued at $27,000 after buying an additional 1,685 shares during the period. Rise Advisors LLC acquired a new stake in shares of Provident Financial Services during the second quarter worth approximately $29,000. TFO Wealth Partners LLC grew its position in shares of Provident Financial Services by 17,508.3% during the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company's stock worth $38,000 after buying an additional 2,101 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Provident Financial Services by 43.0% during the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company's stock worth $58,000 after purchasing an additional 1,218 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in Provident Financial Services during the first quarter worth $76,000. 71.97% of the stock is currently owned by hedge funds and other institutional investors.
Provident Financial Services Company Profile
(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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