Provident Financial Services (NYSE:PFS) Upgraded to Strong-Buy at Raymond James Financial

Provident Financial Services (NYSE:PFS) was upgraded by analysts at Raymond James Financial to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods lowered their price target on Provident Financial Services from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $23.60.

Provident Financial Services Stock Performance

Shares of Provident Financial Services stock opened at $17.90 on Thursday. Provident Financial Services has a one year low of $13.25 and a one year high of $22.24. The company has a market cap of $2.34 billion, a PE ratio of 16.12 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50-day simple moving average of $16.78 and a 200-day simple moving average of $17.59.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. Provident Financial Services had a return on equity of 6.38% and a net margin of 11.45%. The business had revenue of $208.76 million during the quarter, compared to the consensus estimate of $206.86 million. During the same period in the previous year, the company posted $0.43 earnings per share. The business’s revenue for the quarter was up 82.4% on a year-over-year basis. On average, equities research analysts forecast that Provident Financial Services will post 2.14 EPS for the current fiscal year.

Insider Activity at Provident Financial Services

In other news, Chairman Christopher P. Martin sold 55,668 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $17.07, for a total value of $950,252.76. Following the completion of the sale, the chairman now directly owns 601,050 shares of the company’s stock, valued at approximately $10,259,923.50. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Provident Financial Services

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Provident Financial Services by 447.3% in the first quarter. GAMMA Investing LLC now owns 1,505 shares of the savings and loans company’s stock valued at $26,000 after acquiring an additional 1,230 shares during the period. Aquatic Capital Management LLC acquired a new stake in shares of Provident Financial Services in the fourth quarter valued at approximately $46,000. Byrne Asset Management LLC boosted its holdings in shares of Provident Financial Services by 193.8% in the first quarter. Byrne Asset Management LLC now owns 2,938 shares of the savings and loans company’s stock valued at $50,000 after acquiring an additional 1,938 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Provident Financial Services by 30.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company’s stock valued at $50,000 after acquiring an additional 667 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of Provident Financial Services in the fourth quarter valued at approximately $55,000. 71.97% of the stock is owned by institutional investors and hedge funds.

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.