Provident Financial Services (NYSE:PFS) Given “Overweight” Rating at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Provident Financial Services (NYSE:PFS) in a report published on Friday morning,Benzinga reports. They currently have a $29.00 price objective on the savings and loans company’s stock, up from their previous price objective of $26.00.

A number of other research firms also recently weighed in on PFS. Hovde Group raised their price target on shares of Provident Financial Services from $26.50 to $28.50 and gave the stock an “outperform” rating in a research report on Friday. DA Davidson reaffirmed a “neutral” rating and issued a $23.00 price target on shares of Provident Financial Services in a report on Friday, May 1st. Stephens started coverage on shares of Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 price objective on the stock. Raymond James Financial raised their price objective on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.50.

Provident Financial Services Price Performance

Shares of NYSE PFS opened at $24.65 on Friday. Provident Financial Services has a fifty-two week low of $17.61 and a fifty-two week high of $25.41. The business has a 50 day moving average price of $23.27 and a two-hundred day moving average price of $22.28. The company has a quick ratio of 1.04, a current ratio of 1.03 and a debt-to-equity ratio of 0.99. The firm has a market cap of $3.21 billion, a PE ratio of 10.27 and a beta of 0.78.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Wednesday, July 29th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Provident Financial Services had a return on equity of 11.00% and a net margin of 22.15%.The company had revenue of $234.96 million for the quarter, compared to the consensus estimate of $225.57 million. During the same period in the previous year, the business earned $0.55 EPS. Sell-side analysts expect that Provident Financial Services will post 2.36 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.24 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.9%. Provident Financial Services’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling at Provident Financial Services

In other news, CEO George Lista sold 2,556 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer directly owned 109,262 shares in the company, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.02% 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. Key Capital Management INC acquired a new position in Provident Financial Services in the fourth quarter worth $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 worth $27,000 after purchasing an additional 1,210 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of Provident Financial Services during the fourth quarter worth $33,000. Danske Bank A S acquired a new stake in shares of Provident Financial Services during the third quarter worth $58,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Provident Financial Services in the 4th quarter worth about $73,000. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services News Summary

Here are the key news stories impacting Provident Financial Services this week:

• Positive Sentiment: Analyst targets raised: Piper Sandler reaffirmed its “overweight” rating and lifted its price target from $26 to $29, implying approximately 17.6% upside from the referenced price. Hovde Group also raised its target from $26.50 to $28.50 and upgraded PFS to “outperform.” These revisions indicate stronger analyst confidence in the bank’s earnings outlook.
• Positive Sentiment: Second-quarter earnings beat estimates: PFS reported earnings of $0.60 per share, exceeding the $0.56 consensus estimate and rising from $0.55 a year earlier. Revenue reached approximately $235 million, also above expectations. Provident Financial Services Q2 Earnings, Revenue Rise
• Positive Sentiment: Improving banking fundamentals: Net interest income increased to $202.7 million, while net interest margin expanded to 3.48% from 3.40% in the prior quarter and 3.36% a year earlier. Non-interest income also grew year over year, supported by wealth-management and insurance-agency revenue. Deposits and total assets increased from year-end 2025.
• Positive Sentiment: Dividend maintained: The company declared a quarterly cash dividend of $0.24 per share, equal to $0.96 annually and an indicated yield of about 3.9%. The dividend is payable August 28 to shareholders of record August 14. Provident Financial Services Declares Quarterly Cash Dividend
• Neutral Sentiment: PFS trades at roughly 10 times earnings, which may support the view that the shares remain reasonably valued following the earnings beat and analyst upgrades.
• Negative Sentiment: Recent insider activity was limited to sales, with three insiders selling shares during the past six months and no reported purchases. This may modestly temper otherwise positive sentiment, although the transactions do not necessarily indicate a change in the company’s outlook.

About Provident Financial Services

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.