BidaskClub Lowers Provident Financial Services, Inc (NYSE:PFS) to Sell

BidaskClub cut shares of Provident Financial Services, Inc (NYSE:PFS) from a hold rating to a sell rating in a research note issued to investors on Monday, July 24th.

Several other equities analysts have also recently weighed in on the company. Piper Jaffray Companies reiterated a hold rating and issued a $25.50 price target on shares of Provident Financial Services in a research report on Friday, July 14th. Royal Bank Of Canada reiterated a buy rating and issued a $30.00 price target on shares of Provident Financial Services in a research report on Friday, July 7th. Sandler O’Neill upgraded Provident Financial Services from a hold rating to a buy rating in a research report on Thursday, June 29th. ValuEngine upgraded Provident Financial Services from a hold rating to a buy rating in a research report on Thursday, June 8th. Finally, Zacks Investment Research cut Provident Financial Services from a hold rating to a sell rating in a research report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Provident Financial Services presently has an average rating of Hold and an average target price of $26.90.

Provident Financial Services (NYSE PFS) traded down 0.77% during mid-day trading on Monday, hitting $24.44. The stock had a trading volume of 187,079 shares. Provident Financial Services has a 52 week low of $20.36 and a 52 week high of $28.92. The stock has a market capitalization of $1.57 billion, a P/E ratio of 16.86 and a beta of 0.99. The company’s 50 day moving average is $25.57 and its 200-day moving average is $25.51.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The company had revenue of $83.87 million during the quarter, compared to analysts’ expectations of $81.24 million. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 earnings per share. On average, analysts expect that Provident Financial Services will post $1.48 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.27%. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, August 11th. Provident Financial Services’s payout ratio is presently 52.05%.

A number of institutional investors have recently bought and sold shares of the company. FMR LLC acquired a new position in Provident Financial Services during the fourth quarter valued at approximately $951,000. Guggenheim Capital LLC boosted its position in Provident Financial Services by 0.5% in the fourth quarter. Guggenheim Capital LLC now owns 15,794 shares of the savings and loans company’s stock valued at $447,000 after buying an additional 86 shares during the last quarter. Norges Bank acquired a new position in Provident Financial Services during the fourth quarter valued at approximately $21,180,000. Teachers Advisors LLC boosted its position in Provident Financial Services by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 917,311 shares of the savings and loans company’s stock valued at $25,960,000 after buying an additional 6,281 shares during the last quarter. Finally, Alpha Windward LLC boosted its position in Provident Financial Services by 5.6% in the first quarter. Alpha Windward LLC now owns 18,120 shares of the savings and loans company’s stock valued at $468,000 after buying an additional 960 shares during the last quarter. Institutional investors and hedge funds own 62.50% of the company’s stock.

About Provident Financial Services

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

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