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 note released on Thursday morning.

Other equities research analysts have also recently issued reports about the company. Hovde Group initiated coverage on Provident Financial Services in a research note on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target on the stock. DA Davidson upped their target price on shares of 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 equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, Provident Financial Services has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

Provident Financial Services Stock Performance

Provident Financial Services stock opened at $17.98 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The firm has a market cap of $2.35 billion, a P/E ratio of 17.29 and a beta of 1.08. Provident Financial Services has a 1-year low of $13.07 and a 1-year high of $22.24. The firm has a 50-day moving average of $20.13 and a 200-day moving average of $18.61.

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

Provident Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.24 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.34%. Provident Financial Services’s dividend payout ratio is currently 92.31%.

Insider Activity

In other news, EVP James A. Christy sold 3,500 shares of the 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 sale, the executive vice president now owns 34,254 shares in the company, valued at $715,223.52. This represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Institutional investors and hedge funds have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. increased its position 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 holdings in 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 worth $146,000 after purchasing an additional 7,457 shares during the period. Algert Global LLC purchased a new position in Provident Financial Services during the second quarter valued at $178,000. Intech Investment Management LLC bought a new stake in Provident Financial Services during the second quarter valued at about $186,000. Finally, Haverford Trust Co purchased a new stake in Provident Financial Services in the third quarter worth about $187,000. 71.97% of the stock is currently owned by hedge funds and other 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.