Provident Financial Services (NYSE:PFS) Given New $27.00 Price Target at DA Davidson

Provident Financial Services (NYSE:PFS) had its price target raised by DA Davidson from $24.00 to $27.00 in a report released on Friday,Benzinga reports. DA Davidson currently has a buy rating on the savings and loans company’s stock.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised Provident Financial Services from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $21.00 in a report on Thursday, August 15th. StockNews.com lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada upped their price target on shares of Provident Financial Services from $18.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Provident Financial Services Stock Down 1.1 %

Shares of PFS opened at $21.16 on Friday. The company has a 50-day moving average price of $19.06 and a two-hundred day moving average price of $17.14. 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 stock has a market cap of $2.76 billion, a price-to-earnings ratio of 20.58 and a beta of 1.03. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $22.23.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Tuesday, October 29th. The savings and loans company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.11). Provident Financial Services had a net margin of 9.55% and a return on equity of 5.21%. The firm had revenue of $349.38 million during the quarter, compared to analyst estimates of $211.25 million. During the same quarter in the prior year, the firm posted $0.38 EPS. Equities analysts predict that Provident Financial Services will post 1.84 EPS for the current fiscal year.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.54%. Provident Financial Services’s payout ratio is 92.31%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of Provident Financial Services by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock worth $54,715,000 after buying an additional 53,943 shares during the period. Barclays PLC boosted its stake in Provident Financial Services by 39.8% in the third quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock valued at $5,883,000 after acquiring an additional 90,238 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock worth $28,000 after acquiring an additional 820 shares during the period. iSAM Funds UK Ltd bought a new stake in shares of Provident Financial Services during the 3rd quarter valued at $245,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Provident Financial Services in the 3rd quarter valued at $211,000. 71.97% of the stock is currently owned by institutional investors and hedge funds.

About Provident Financial Services

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.