In yesterday’s Wall Street session, Provident Financial Services Inc. (NYSE:PFS) shares traded at $21.36, down -0.37% from the previous session.
As of this writing, 5 analysts cover Provident Financial Services Inc. (NYSE:PFS). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $27.00 and a low of $22.00, we find $24.00. Given the previous closing price of $21.44, this indicates a potential upside of 11.94 percent. PFS stock price is now -2.06% away from the 50-day moving average and -4.97% away from the 200-day moving average. The market capitalization of the company currently stands at $1.61B.
There are 4 analysts who have given it a hold rating, whereas 1 have given it a buy rating. Brokers who have rated the stock have averaged $24.40 as their price target over the next twelve months.
With the price target maintained at $26, Piper Sandler recently Downgraded its rating from Overweight to Neutral for Provident Financial Services Inc. (NYSE: PFS). On March 05, 2021, RBC Capital Mkts Upgraded its previous ‘Sector Perform’ rating to ‘Outperform’ on the stock increasing its target price from $23 to quote $26, while ‘Boenning & Scattergood’ rates the stock as ‘Outperform’.
In other news, Giannola Vito, EVP & CRBO of provident Bank sold 1,716 shares of the company’s stock on Nov 30. The stock was sold for $37,521 at an average price of $21.87. Upon completion of the transaction, the EVP & CRBO of provident Bank now directly owns 94,030 shares in the company, valued at $2.01 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 28, Director Dunigan James P bought 500 shares of the business’s stock. A total of $11,019 was incurred on buying the stock at an average price of $22.04. This leaves the insider owning 30,773 shares of the company worth $0.66 million. Insiders disposed of 38,490 shares of company stock worth roughly $0.82 million over the past 1 year. A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PFS stock. A new stake in Provident Financial Services Inc. shares was purchased by BALYASNY ASSET MANAGEMENT LLC during the first quarter worth $5,541,000. CITADEL ADVISORS LLC invested $3,590,000 in shares of PFS during the first quarter. In the first quarter, GREAT WEST LIFE ASSURANCE CO /CAN/ acquired a new stake in Provident Financial Services Inc. valued at approximately $1,920,000. RMB CAPITAL MANAGEMENT, LLC acquired a new stake in PFS for approximately $1,911,000. ROBECO INSTITUTIONAL ASSET MANAGEMENT B.V. purchased a new stake in PFS valued at around $985,000 in the second quarter. In total, there are 286 active investors with 68.50% ownership of the company’s stock.
Friday morning saw Provident Financial Services Inc. (NYSE: PFS) opened at $21.35. During the past 12 months, Provident Financial Services Inc. has had a low of $19.18 and a high of $26.20. The fifty day moving average price for PFS is $21.82 and a two-hundred day moving average price translates $22.46 for the stock.
The latest earnings results from Provident Financial Services Inc. (NYSE: PFS) was released for Jun, 2022. According to the Banks – Regional Company, earnings per share came in at $0.53, beating analysts’ expectations of $0.52 by 0.01. This compares to $0.49 EPS in the same period last year. The net profit margin was 38.10% and return on equity was 10.20% for PFS. The company reported revenue of $121.73 million for the quarter, compared to $99.59 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 22.23 percent. For the current quarter, analysts expect PFS to generate $105.55M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 11/25/2022. Investors who held shares on 11/10/2022 were paid a $0.24 dividend. On an annualized basis, this represents a $0.96 dividend and a 4.49% percent yield. There was an ex-dividend date of 11/09/2022 for this dividend. In terms of dividend payout ratio, PFS is presently at 44.00%.
Provident Financial Services Inc.(PFS) 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. The company’s deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products. Its loan portfolio comprises commercial real estate loans that are secured by properties, such as multi-family apartment buildings, office buildings, and retail and industrial properties; commercial business loans; fixed-rate and adjustable-rate mortgage loans collateralized by one- to four-family residential real estate properties; commercial construction loans; and consumer loans consisting of home equity loans, home equity lines of credit, marine loans, personal loans and unsecured lines of credit, and auto and recreational vehicle loans. The company also offers cash management, remote deposit capture, payroll origination, escrow account management, and online and mobile banking services; and business credit cards. In addition, it provides wealth management services comprising investment management, trust and estate administration, financial planning, tax compliance and planning, and private banking. Further, the company sells insurance and investment products, including annuities; operates as a real estate investment trust for acquiring mortgage loans and other real estate related assets; and manages and sells real estate properties acquired through foreclosure. As of December 31, 2021, it operated 96 full-service branch offices in northern and central New Jersey, as well as in Pennsylvania and New York counties. The company was founded in 1839 and is headquartered in Jersey City, New Jersey.