Provident Financial Services, Inc (NYSE:PFS – Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $24.29 and last traded at $24.3540, with a volume of 87306 shares traded. The stock had previously closed at $23.62.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on PFS shares. Keefe, Bruyette & Woods increased their price objective on Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Weiss Ratings raised shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Stephens initiated coverage on shares of Provident Financial Services in a research report on Monday, June 8th. They issued an “equal weight” rating and a $24.00 price objective for the company. DA Davidson reaffirmed a “neutral” rating and set a $23.00 price objective on shares of Provident Financial Services in a research note on Friday, May 1st. Finally, Raymond James Financial boosted their price objective on shares of Provident Financial Services from $25.00 to $27.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.79.
Get Our Latest Stock Report on Provident Financial Services
Provident Financial Services Stock Up 3.7%
Provident Financial Services (NYSE:PFS – Get Free Report) last released its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $225.62 million. During the same period in the prior year, the firm earned $0.49 EPS. The company’s revenue was up 7.9% compared to the same quarter last year. Research analysts expect that Provident Financial Services, Inc will post 2.36 EPS for the current year.
Provident Financial Services Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were paid a $0.24 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.9%. Provident Financial Services’s payout ratio is currently 40.85%.
Insiders Place Their Bets
In related news, CEO George Lista sold 2,556 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $22.40, for a total transaction of $57,254.40. Following the completion of the sale, the chief executive officer owned 109,262 shares in the company, valued at approximately $2,447,468.80. This represents a 2.29% 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 the SEC website. Corporate insiders own 3.02% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the stock. Key Capital Management INC purchased a new position in Provident Financial Services during the fourth quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its stake in shares of Provident Financial Services by 358.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Provident Financial Services during the 4th quarter valued at $33,000. Danske Bank A S purchased a new position in shares of Provident Financial Services during the 3rd quarter valued at $58,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Provident Financial Services in the 4th quarter worth $73,000. Institutional investors own 71.97% of the company’s stock.
About Provident Financial Services
Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.
Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.
Featured Stories
- Five stocks we like better than Provident Financial Services
- Why Abbott Laboratories Stock Is Suddenly Winning Back Wall Street
- Revving Up Returns: Big Banks Race Through the Rate Plateau
- Why Uber’s Biggest Deal Yet Could Unlock Its Next Growth Phase
- Why Microsoft Is Playing a Different AI Game Than Big Tech—and Cash Flow Is the Test
Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.
