Provident Financial Services (PFS) Lifted to Hold at ValuEngine

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ValuEngine upgraded shares of Provident Financial Services (NYSE:PFS) from a sell rating to a hold rating in a research note released on Tuesday.

A number of other equities analysts have also weighed in on PFS. Sandler O’Neill reissued a hold rating on shares of Provident Financial Services in a research report on Thursday, June 28th. Boenning Scattergood reissued a hold rating on shares of Provident Financial Services in a research report on Friday, July 27th. Zacks Investment Research lowered Provident Financial Services from a hold rating to a sell rating in a research report on Thursday, June 28th. Finally, Piper Jaffray Companies reissued a hold rating and issued a $25.50 target price on shares of Provident Financial Services in a research report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock has a consensus rating of Hold and an average target price of $28.25.

Shares of Provident Financial Services stock opened at $23.15 on Tuesday. The stock has a market capitalization of $1.65 billion, a P/E ratio of 15.23, a PEG ratio of 1.87 and a beta of 0.80. Provident Financial Services has a 1 year low of $22.81 and a 1 year high of $29.12. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.27.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.15). Provident Financial Services had a return on equity of 7.46% and a net margin of 23.56%. The business had revenue of $88.12 million during the quarter, compared to analysts’ expectations of $87.99 million. During the same period last year, the firm posted $0.38 EPS. Provident Financial Services’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts expect that Provident Financial Services will post 1.64 earnings per share for the current fiscal year.

In other Provident Financial Services news, Director Matthew K. Harding purchased 1,000 shares of Provident Financial Services stock in a transaction dated Friday, August 3rd. The stock was purchased at an average price of $25.73 per share, with a total value of $25,730.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.00% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its position in shares of Provident Financial Services by 16.7% during the 1st quarter. GSA Capital Partners LLP now owns 17,363 shares of the savings and loans company’s stock valued at $444,000 after purchasing an additional 2,491 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in shares of Provident Financial Services by 25.5% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,774 shares of the savings and loans company’s stock valued at $352,000 after purchasing an additional 2,800 shares during the last quarter. Rhumbline Advisers increased its position in shares of Provident Financial Services by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 153,787 shares of the savings and loans company’s stock valued at $4,234,000 after purchasing an additional 3,147 shares during the last quarter. Aperio Group LLC increased its position in shares of Provident Financial Services by 18.0% during the 2nd quarter. Aperio Group LLC now owns 22,797 shares of the savings and loans company’s stock valued at $628,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Provident Financial Services by 0.8% during the 1st quarter. Principal Financial Group Inc. now owns 466,231 shares of the savings and loans company’s stock valued at $11,931,000 after purchasing an additional 3,576 shares during the last quarter. 65.15% of the stock is owned by hedge funds and other institutional investors.

About Provident Financial Services

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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