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

Provident Financial Services (NYSE:PFS) had its price objective reduced by Royal Bank of Canada from $19.00 to $18.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the savings and loans company’s stock.

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

Provident Financial Services Stock Up 5.7 %

PFS stock opened at $15.95 on Tuesday. The firm’s 50-day moving average is $14.56 and its two-hundred day moving average is $15.30. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 9.97 and a beta of 1.03. Provident Financial Services has a 52 week low of $13.07 and a 52 week high of $19.62.

Provident Financial Services (NYSE:PFS) 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. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. During the same period in the prior year, the firm posted $0.54 earnings per share. The firm’s revenue for the quarter was down 12.3% compared to the same quarter last year. On average, analysts forecast that Provident Financial Services will post 1.63 earnings per share for the current fiscal year.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, April 29th were issued a $0.24 dividend. The ex-dividend date was Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.02%. Provident Financial Services’s payout ratio is currently 60.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC boosted its position in Provident Financial Services by 334.5% during the 4th quarter. Hsbc Holdings PLC now owns 103,938 shares of the savings and loans company’s stock worth $1,889,000 after acquiring an additional 80,018 shares during the period. PNC Financial Services Group Inc. grew its position in Provident Financial Services by 7.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 71,543 shares of the savings and loans company’s stock valued at $1,290,000 after purchasing an additional 4,789 shares in the last quarter. Norges Bank acquired a new position in Provident Financial Services in the 4th quarter valued at approximately $9,419,000. American Century Companies Inc. lifted its position in Provident Financial Services by 3.1% in the 3rd quarter. American Century Companies Inc. now owns 2,261,425 shares of the savings and loans company’s stock worth $34,577,000 after buying an additional 68,856 shares in the last quarter. Finally, Oak Thistle LLC acquired a new stake in shares of Provident Financial Services during the 4th quarter valued at $202,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services 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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.