Provident Financial Services (PFS) Lifted to Hold at ValuEngine

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

PFS has been the subject of several other reports. Sandler O’Neill downgraded Provident Financial Services from a buy rating to a hold rating in a research note on Thursday, June 21st. They noted that the move was a valuation call. Boenning Scattergood restated a neutral rating on shares of Provident Financial Services in a research note on Friday, June 29th. Piper Jaffray Companies restated a hold rating and issued a $25.50 price target on shares of Provident Financial Services in a research note on Wednesday, August 1st. Finally, Zacks Investment Research downgraded Provident Financial Services from a hold rating to a sell rating in a research note on Thursday, June 28th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock has an average rating of Hold and a consensus price target of $28.25.

Provident Financial Services stock opened at $23.15 on Tuesday. Provident Financial Services has a 12-month low of $22.81 and a 12-month high of $29.12. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.27. The company 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 (NYSE:PFS) last posted its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $87.99 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. Analysts forecast that Provident Financial Services will post 1.64 EPS for the current year.

In other Provident Financial Services news, Director Matthew K. Harding purchased 1,000 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was acquired at an average cost of $25.73 per share, for a total transaction of $25,730.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Asset Management One Co. Ltd. bought a new position in shares of Provident Financial Services during the 1st quarter valued at approximately $129,000. Itau Unibanco Holding S.A. bought a new position in shares of Provident Financial Services during the 2nd quarter valued at approximately $143,000. KBC Group NV bought a new position in shares of Provident Financial Services during the 2nd quarter valued at approximately $174,000. NEXT Financial Group Inc bought a new position in shares of Provident Financial Services during the 1st quarter valued at approximately $208,000. Finally, Private Advisor Group LLC bought a new position in shares of Provident Financial Services during the 2nd quarter valued at approximately $232,000. Institutional investors and hedge funds own 65.15% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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