Provident Financial Services (NYSE:PFS) Raised to Hold at StockNews.com

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

Several other analysts have also recently weighed in on the stock. 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 target price on the stock. DA Davidson raised their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 15th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Provident Financial Services Trading Down 4.4 %

Shares of NYSE:PFS traded down $0.84 during mid-day trading on Wednesday, reaching $18.35. 1,464,194 shares of the company were exchanged, compared to its average volume of 595,866. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 17.64 and a beta of 1.08. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. Provident Financial Services has a 1 year low of $13.07 and a 1 year high of $22.24. The firm’s 50-day simple moving average is $19.64 and its 200 day simple moving average is $19.02.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%. Equities research analysts forecast that Provident Financial Services will post 1.84 EPS for the current year.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services 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 value of $73,080.00. Following the transaction, the executive vice president now directly owns 34,254 shares of the company’s stock, valued at approximately $715,223.52. The trade was a 9.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of PFS. Nomura Asset Management Co. Ltd. increased its position 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 valued at $28,000 after buying an additional 820 shares in the last quarter. KBC Group NV boosted its position in Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after acquiring an additional 1,848 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Provident Financial Services by 1,779.7% in the third 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. Algert Global LLC acquired a new position in Provident Financial Services in the second quarter valued at $178,000. Finally, Haverford Trust Co purchased a new position in Provident Financial Services during the third quarter worth about $187,000. Institutional investors and hedge funds 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.