StockNews.com Downgrades Provident Financial Services (NYSE:PFS) to Sell

Provident Financial Services (NYSE:PFS) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Thursday.

A number of other brokerages also recently commented on PFS. Hovde Group assumed coverage on Provident Financial Services in a research report on Friday, December 13th. They set an “outperform” rating and a $25.00 price objective for the company. Royal Bank of Canada lowered their price target on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Finally, 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 investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Provident Financial Services Stock Performance

Shares of PFS stock opened at $19.10 on Thursday. The firm has a 50 day moving average of $19.37 and a two-hundred day moving average of $19.06. The stock has a market capitalization of $2.49 billion, a PE ratio of 18.19 and a beta of 1.07. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.95. Provident Financial Services has a 52 week low of $13.07 and a 52 week high of $22.24.

Provident Financial Services (NYSE:PFS) last released its 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 net margin of 10.13% and a return on equity of 5.60%. On average, research analysts predict that Provident Financial Services will post 2.09 EPS for the current fiscal year.

Insider Transactions at Provident Financial Services

In related news, EVP James A. Christy sold 3,500 shares of the 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 $715,223.52. This trade represents a 9.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Large investors have recently bought and sold shares of the stock. Savant Capital LLC increased its position in shares of Provident Financial Services by 6.5% during the fourth quarter. Savant Capital LLC now owns 10,931 shares of the savings and loans company’s stock worth $206,000 after purchasing an additional 664 shares in the last quarter. CIBC Asset Management Inc increased its position in Provident Financial Services by 6.1% during the fourth quarter. CIBC Asset Management Inc now owns 13,422 shares of the savings and loans company’s stock worth $253,000 after buying an additional 772 shares during the period. Glenmede Trust Co. NA lifted its stake in Provident Financial Services by 5.1% in the third quarter. Glenmede Trust Co. NA now owns 16,672 shares of the savings and loans company’s stock valued at $309,000 after buying an additional 802 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings 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 acquiring an additional 820 shares during the period. Finally, D.A. Davidson & CO. grew its position in shares of Provident Financial Services by 3.3% during the third quarter. D.A. Davidson & CO. now owns 29,402 shares of the savings and loans company’s stock worth $546,000 after acquiring an additional 944 shares during the last quarter. 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.