StockNews.com Upgrades Provident Financial Services (NYSE:PFS) to “Hold”

Provident Financial Services (NYSE:PFS) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

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

Provident Financial Services Stock Performance

Shares of NYSE:PFS opened at $18.56 on Wednesday. The business has a fifty day moving average of $19.64 and a 200-day moving average of $19.02. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. Provident Financial Services has a twelve month low of $13.07 and a twelve month high of $22.24. The firm has a market cap of $2.42 billion, a PE ratio of 17.85 and a beta of 1.08.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data 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 net margin of 9.55% and a return on equity of 5.21%. On average, equities research analysts predict that Provident Financial Services will post 1.84 EPS for the current fiscal year.

Insider Activity

In related news, EVP James A. Christy sold 3,500 shares of the business’s stock in a transaction that occurred 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 owns 34,254 shares in the company, valued at approximately $715,223.52. The trade was a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC raised its stake in Provident Financial Services by 39.8% during the 3rd quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock worth $5,883,000 after buying an additional 90,238 shares during the period. LMR Partners LLP acquired a new stake in shares of Provident Financial Services during the third quarter worth about $508,000. Royce & Associates LP bought a new position in shares of Provident Financial Services during the 3rd quarter valued at about $766,000. Geode Capital Management LLC lifted its holdings in shares of Provident Financial Services by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock valued at $54,715,000 after purchasing an additional 53,943 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Provident Financial Services by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,792,792 shares of the savings and loans company’s stock valued at $33,274,000 after purchasing an additional 102,737 shares during the period. 71.97% of the stock is owned by institutional investors.

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.