Provident Financial Services (NYSE:PFS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
According to Zacks, “Provident Financial Services, Inc. is the holding company of The Provident Bank, a community- and customer-oriented banking company. The Provident Bank emphasizes personal service and customer convenience in attending to the financial needs of individuals, families and businesses in northern and central New Jersey. The bank offers a broad array of deposit, loan, trust and investment products. In keeping with its Customer-Centric Strategy. “
A number of other analysts also recently issued reports on the company. Sandler O’Neill reissued a “hold” rating on shares of Provident Financial Services in a research report on Thursday. ValuEngine raised Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Provident Financial Services has an average rating of “Hold” and a consensus target price of $28.42.
Shares of NYSE:PFS opened at $27.91 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $1.91 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.94 and a beta of 0.95. Provident Financial Services has a 12-month low of $23.26 and a 12-month high of $29.12.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings data on Friday, April 27th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. The firm had revenue of $86.58 million during the quarter, compared to the consensus estimate of $86.38 million. Provident Financial Services had a return on equity of 7.89% and a net margin of 25.30%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $0.37 EPS. sell-side analysts forecast that Provident Financial Services will post 1.83 EPS for the current year.
In other Provident Financial Services news, Director Carlos Hernandez sold 3,600 shares of Provident Financial Services stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $27.93, for a total value of $100,548.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFS. Schwab Charles Investment Management Inc. grew its position in Provident Financial Services by 7.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 368,254 shares of the savings and loans company’s stock valued at $9,932,000 after acquiring an additional 26,149 shares in the last quarter. Aperio Group LLC grew its position in Provident Financial Services by 19.1% in the 4th quarter. Aperio Group LLC now owns 18,614 shares of the savings and loans company’s stock valued at $502,000 after acquiring an additional 2,981 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Provident Financial Services in the 4th quarter valued at about $596,000. California Public Employees Retirement System grew its position in Provident Financial Services by 4.7% in the 4th quarter. California Public Employees Retirement System now owns 201,291 shares of the savings and loans company’s stock valued at $5,429,000 after acquiring an additional 8,952 shares in the last quarter. Finally, Swiss National Bank grew its position in Provident Financial Services by 2.8% in the 4th quarter. Swiss National Bank now owns 107,500 shares of the savings and loans company’s stock valued at $2,899,000 after acquiring an additional 2,900 shares in the last quarter. 64.43% of the stock is owned by institutional investors.
Provident Financial Services Company Profile
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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