Provident Financial Services (NYSE:PFS) Stock Passes Above 200 Day Moving Average – Here’s Why

Provident Financial Services, Inc (NYSE:PFS) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $20.22 and traded as high as $21.19. Provident Financial Services shares last traded at $20.6510, with a volume of 1,658,190 shares trading hands.

Analyst Ratings Changes

PFS has been the topic of a number of analyst reports. Piper Sandler started coverage on shares of Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price objective on the stock. Royal Bank Of Canada set a $25.00 target price on shares of Provident Financial Services in a report on Thursday, January 29th. DA Davidson started coverage on shares of Provident Financial Services in a research report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Provident Financial Services from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Finally, Weiss Ratings downgraded shares of Provident Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Provident Financial Services has an average rating of “Moderate Buy” and an average price target of $24.08.

Provident Financial Services Price Performance

The stock has a market cap of $2.70 billion, a P/E ratio of 9.26 and a beta of 0.86. The business has a 50 day simple moving average of $21.59 and a 200-day simple moving average of $20.22. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.02 and a current ratio of 1.02.

Provident Financial Services (NYSE:PFS) last released its earnings results on Wednesday, January 28th. The savings and loans company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $225.03 million for the quarter, compared to analysts’ expectations of $224.08 million. Provident Financial Services had a return on equity of 10.69% and a net margin of 21.06%.The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.37 EPS. On average, sell-side analysts forecast that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.96 annualized dividend and a yield of 4.6%. Provident Financial Services’s payout ratio is currently 43.05%.

Provident Financial Services announced that its Board of Directors has approved a stock repurchase program on Monday, January 26th that authorizes the company to repurchase $2.81 million in outstanding shares. This repurchase authorization authorizes the savings and loans company to reacquire up to 0.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC purchased a new stake in shares of Provident Financial Services during the 3rd quarter worth approximately $26,000. Key Capital Management INC purchased a new position in Provident Financial Services in the fourth quarter valued at approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 1,210 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Provident Financial Services in the fourth quarter worth $33,000. Finally, GAMMA Investing LLC increased its position in Provident Financial Services by 45.0% in the third quarter. GAMMA Investing LLC now owns 1,767 shares of the savings and loans company’s stock worth $34,000 after buying an additional 548 shares during the last quarter. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.