Provident Financial Services (NYSE:PFS) Downgraded to “Sell” Rating by StockNews.com

Provident Financial Services (NYSE:PFS) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

A number of other equities analysts have also recently weighed in on PFS. Hovde Group started coverage on Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 price objective on the stock. DA Davidson boosted their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.50.

Provident Financial Services Price Performance

Shares of NYSE:PFS traded up $0.07 during trading on Thursday, reaching $18.55. The company had a trading volume of 435,688 shares, compared to its average volume of 491,078. The company has a fifty day moving average of $20.15 and a two-hundred day moving average of $18.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $2.42 billion, a P/E ratio of 17.84 and a beta of 1.08. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.24.

Provident Financial Services (NYSE:PFS) last released its earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.11). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. The firm had revenue of $349.38 million during the quarter, compared to the consensus estimate of $211.25 million. During the same period in the prior year, the company earned $0.38 EPS. Equities research analysts forecast that Provident Financial Services will post 1.84 earnings per share for the current year.

Insider Activity at Provident Financial Services

In other news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction dated 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 directly owns 34,254 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. 4.29% of the stock is currently owned by company insiders.

Institutional Trading of Provident Financial Services

Large investors have recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its position in shares of Provident Financial Services by 120.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after purchasing an additional 820 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Provident Financial Services by 1,779.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock valued at $146,000 after buying an additional 7,457 shares in the last quarter. Haverford Trust Co purchased a new stake in shares of Provident Financial Services in the 3rd quarter worth about $187,000. EP Wealth Advisors LLC bought a new position in shares of Provident Financial Services in the 3rd quarter worth about $211,000. Finally, Forum Financial Management LP purchased a new position in Provident Financial Services during the 3rd quarter valued at about $217,000. 71.97% of the stock is owned by institutional investors.

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.