Provident Financial Services (NYSE:PFS) Lowered to Sell Rating by StockNews.com

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

PFS has been the topic of several other research reports. DA Davidson raised their price target on Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Hovde Group began 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. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.50.

Provident Financial Services Trading Up 0.4 %

PFS stock opened at $18.55 on Thursday. The company has a market capitalization of $2.42 billion, a PE ratio of 17.84 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 12 month low of $13.07 and a 12 month high of $22.24. The firm’s 50-day moving average is $20.15 and its 200 day moving average is $18.54.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.11). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. The company had revenue of $349.38 million for the quarter, compared to the consensus estimate of $211.25 million. During the same period in the prior year, the firm posted $0.38 EPS. On average, research analysts anticipate that Provident Financial Services will post 1.84 EPS for the current year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a yield of 5.18%. Provident Financial Services’s dividend payout ratio is presently 92.31%.

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 $715,223.52. The trade was a 9.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after purchasing an additional 820 shares during the last quarter. International Assets Investment Management LLC raised its stake in 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 buying an additional 7,457 shares during the last quarter. Algert Global LLC acquired a new stake in Provident Financial Services in the second quarter worth about $178,000. Intech Investment Management LLC purchased a new stake in shares of Provident Financial Services during the second quarter worth about $186,000. Finally, Haverford Trust Co purchased a new stake in shares of Provident Financial Services during the third quarter worth about $187,000. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.