Provident Financial Services (NYSE:PFS) Price Target Lowered to $18.00 at Royal Bank of Canada

Provident Financial Services (NYSE:PFSFree Report) had its price target trimmed by Royal Bank of Canada from $19.00 to $18.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has an outperform rating on the savings and loans company’s stock.

A number of other equities research analysts also recently weighed in on PFS. TheStreet downgraded shares of Provident Financial Services from a b- rating to a c+ rating in a research note on Wednesday, March 13th. DA Davidson raised Provident Financial Services from a neutral rating to a buy rating and increased their price target for the company from $15.00 to $20.00 in a research note on Monday, April 22nd. Keefe, Bruyette & Woods decreased their price objective on Provident Financial Services from $20.00 to $17.00 and set a market perform rating for the company in a research note on Tuesday, March 26th. Finally, StockNews.com raised Provident Financial Services from a sell rating to a hold rating in a research note on Tuesday, April 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Provident Financial Services presently has an average rating of Moderate Buy and a consensus target price of $18.75.

Read Our Latest Analysis on PFS

Provident Financial Services Stock Performance

PFS stock opened at $14.64 on Tuesday. The company has a 50 day moving average price of $14.54 and a 200 day moving average price of $15.30. Provident Financial Services has a fifty-two week low of $13.07 and a fifty-two week high of $19.62. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $1.91 billion, a PE ratio of 9.15 and a beta of 1.03.

Provident Financial Services (NYSE:PFSGet Free Report) last released its earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. The company had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm’s quarterly revenue was down 12.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 earnings per share. Analysts forecast that Provident Financial Services will post 1.63 EPS for the current year.

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, April 29th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, April 26th. This represents a $0.96 annualized dividend and a yield of 6.56%. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Institutional Investors Weigh In On Provident Financial Services

Several large investors have recently modified their holdings of PFS. Rise Advisors LLC bought a new stake in Provident Financial Services in the 2nd quarter valued at $29,000. TFO Wealth Partners LLC grew its holdings in shares of Provident Financial Services by 17,508.3% during 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. EntryPoint Capital LLC acquired a new stake in Provident Financial Services in the 1st quarter valued at approximately $76,000. International Assets Investment Management LLC lifted its stake in Provident Financial Services by 1,728.7% in the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock valued at $132,000 after acquiring an additional 6,932 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in Provident Financial Services during the 1st quarter worth approximately $149,000. 71.97% of the stock is currently owned by institutional investors.

About Provident Financial Services

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.