Provident Financial Services (NYSE:PFS) Price Target Lowered to $23.00 at Royal Bank of Canada

Provident Financial Services (NYSE:PFS) had its target price trimmed by Royal Bank of Canada from $24.00 to $23.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the savings and loans company’s stock.

A number of other brokerages have also issued reports on PFS. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday. DA Davidson raised their target price on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Hovde Group initiated coverage on Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 price target for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Provident Financial Services Stock Up 1.4 %

Provident Financial Services stock opened at $18.56 on Thursday. Provident Financial Services has a 52 week low of $13.07 and a 52 week high of $22.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. The business’s 50-day moving average price is $19.64 and its 200 day moving average price is $19.02. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 17.68 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.79% and a net margin of 10.13%. As a group, sell-side analysts anticipate that Provident Financial Services will post 2.09 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, February 14th. This represents a $0.96 dividend on an annualized basis and a yield of 5.17%. Provident Financial Services’s dividend payout ratio (DPR) is presently 91.43%.

Insider Transactions at Provident Financial Services

In related news, EVP James A. Christy sold 3,500 shares of the company’s stock in a transaction on 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 owns 34,254 shares in the company, valued at $715,223.52. This represents a 9.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

Institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its position in Provident Financial Services by 30.6% during the 2nd quarter. ProShare Advisors LLC now owns 19,402 shares of the savings and loans company’s stock worth $278,000 after purchasing an additional 4,546 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Provident Financial Services by 82.5% during the second quarter. The Manufacturers Life Insurance Company now owns 64,517 shares of the savings and loans company’s stock valued at $926,000 after purchasing an additional 29,161 shares during the period. Algert Global LLC purchased a new stake in Provident Financial Services during the 2nd quarter worth approximately $178,000. Creative Planning lifted its position in shares of Provident Financial Services by 22.4% during the second quarter. Creative Planning now owns 68,208 shares of the savings and loans company’s stock worth $979,000 after purchasing an additional 12,499 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Provident Financial Services by 244.0% during the second quarter. Point72 Asset Management L.P. now owns 28,900 shares of the savings and loans company’s stock valued at $415,000 after purchasing an additional 20,500 shares during the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.