Royal Bank of Canada Cuts Provident Financial Services (NYSE:PFS) Price Target to $23.00

Provident Financial Services (NYSE:PFS) had its target price decreased by Royal Bank of Canada from $24.00 to $23.00 in a report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the savings and loans company’s stock.

Several other research firms have also recently issued reports on PFS. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Wednesday. DA Davidson boosted their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Hovde Group began coverage on Provident Financial Services in a research report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Provident Financial Services Trading Up 1.4 %

Shares of PFS stock opened at $18.56 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02. The firm has a market cap of $2.42 billion, a P/E ratio of 17.68 and a beta of 1.08. Provident Financial Services has a 12-month low of $13.07 and a 12-month high of $22.24. The company has a 50 day moving average of $19.64 and a 200-day moving average of $19.02.

Provident Financial Services (NYSE:PFS) last released its earnings results on Tuesday, January 28th. The savings and loans company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a net margin of 10.13% and a return on equity of 5.79%. Sell-side analysts anticipate that Provident Financial Services will post 2.09 earnings per share for the current year.

Provident Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.96 annualized dividend and a dividend yield of 5.17%. Provident Financial Services’s dividend payout ratio is currently 91.43%.

Insiders Place Their Bets

In other Provident Financial Services news, EVP James A. Christy sold 3,500 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the completion of the transaction, the executive vice president now directly owns 34,254 shares of the company’s stock, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.29% of the stock is owned by company insiders.

Institutional Trading of Provident Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Provident Financial Services by 13,182.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,854,596 shares of the savings and loans company’s stock worth $34,421,000 after purchasing an additional 1,840,633 shares during the last quarter. State Street Corp lifted its holdings in Provident Financial Services by 10.2% in the third quarter. State Street Corp now owns 7,683,467 shares of the savings and loans company’s stock worth $142,605,000 after acquiring an additional 713,688 shares during the last quarter. Basswood Capital Management L.L.C. grew its stake in Provident Financial Services by 87.3% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 892,708 shares of the savings and loans company’s stock worth $16,569,000 after buying an additional 416,020 shares during the last quarter. Chartwell Investment Partners LLC acquired a new position in Provident Financial Services during the 3rd quarter valued at about $5,564,000. Finally, JPMorgan Chase & Co. increased its position in Provident Financial Services by 55.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 795,855 shares of the savings and loans company’s stock valued at $14,771,000 after acquiring an additional 283,879 shares during the period. 71.97% of the stock is currently owned by institutional investors and hedge funds.

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.