Provident Financial Services (NYSE:PFS) Sets New 12-Month Low at $13.21

Shares of Provident Financial Services, Inc. (NYSE:PFS) hit a new 52-week low during trading on Friday . The company traded as low as $13.21 and last traded at $14.25, with a volume of 114723 shares. The stock had previously closed at $13.75.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PFS shares. Royal Bank of Canada reduced their price target on shares of Provident Financial Services from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, April 9th. TheStreet lowered shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods dropped their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a report on Tuesday, March 26th. Finally, DA Davidson dropped their price objective on shares of Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.50.

Provident Financial Services Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.19. The company has a market cap of $1.09 billion, a PE ratio of 9.04 and a beta of 1.07. The business’s fifty day moving average is $14.75 and its 200-day moving average is $15.65.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.35%. The company had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. During the same quarter last year, the firm posted $0.54 earnings per share. The firm’s revenue was down 12.3% compared to the same quarter last year. As a group, research analysts predict that Provident Financial Services, Inc. will post 1.63 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend is Friday, April 26th. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the transaction, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in shares of Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock worth $36,000 after buying an additional 1,065 shares in the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of Provident Financial Services by 17,508.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after buying an additional 2,101 shares in the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Provident Financial Services by 35.7% in the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock worth $42,000 after buying an additional 470 shares in the last quarter. Point72 Middle East FZE purchased a new position in shares of Provident Financial Services in the fourth quarter worth $43,000. Finally, Point72 Europe London LLP purchased a new position in shares of Provident Financial Services in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

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.