Provident Financial Services (NYSE:PFS) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Provident Financial Services (NYSE:PFS) from a hold rating to a sell rating in a research report sent to investors on Thursday.

PFS has been the subject of several other reports. DA Davidson increased their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Hovde Group started coverage on shares of Provident Financial Services in a report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target for the company. Finally, Royal Bank of Canada dropped their price objective on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $19.55 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a market cap of $2.55 billion, a PE ratio of 18.61 and a beta of 1.07. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The business’s fifty day simple moving average is $19.37 and its 200-day simple moving average is $19.06.

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 (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.60%. Analysts expect that Provident Financial Services will post 2.09 earnings per share for the current fiscal year.

Provident Financial Services Dividend Announcement

The firm also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 4.91%. The ex-dividend date is Friday, February 14th. Provident Financial Services’s payout ratio is 91.43%.

Insider Activity

In related news, EVP James A. Christy sold 3,500 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the completion of the transaction, the executive vice president now directly owns 34,254 shares in the company, valued at $715,223.52. The trade was a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFS. Nomura Asset Management Co. Ltd. boosted its stake in shares of Provident Financial Services by 120.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after buying an additional 820 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Provident Financial Services in the 4th quarter worth approximately $99,000. KBC Group NV grew its stake in shares of Provident Financial Services by 40.7% during the 4th quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after purchasing an additional 1,848 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Provident Financial Services by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 7,533 shares of the savings and loans company’s stock valued at $142,000 after purchasing an additional 4,408 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Provident Financial Services by 1,779.7% in 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 purchasing an additional 7,457 shares during the period. 71.97% of the stock is owned by institutional investors and hedge funds.

Provident Financial Services Company Profile

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.