Provident Financial Services (NYSE:PFS) Stock Passes Above 200 Day Moving Average – Time to Sell?
by Michael Walen · The Markets DailyProvident Financial Services, Inc (NYSE:PFS – Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $21.67 and traded as high as $23.72. Provident Financial Services shares last traded at $23.5650, with a volume of 1,005,158 shares traded.
Analyst Ratings Changes
A number of research firms have recently weighed in on PFS. Stephens assumed coverage on Provident Financial Services in a research report on Monday, June 8th. They set an “equal weight” rating and a $24.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on shares of Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Weiss Ratings upgraded shares of Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. DA Davidson reaffirmed a “neutral” rating and set a $23.00 price target on shares of Provident Financial Services in a report on Friday, May 1st. Finally, Piper Sandler assumed coverage on shares of Provident Financial Services in a report on Monday, March 16th. They set an “overweight” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.42.
View Our Latest Stock Report on Provident Financial Services
Provident Financial Services Price Performance
The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.03. The stock has a 50 day simple moving average of $22.52 and a 200-day simple moving average of $21.68. The firm has a market cap of $3.08 billion, a PE ratio of 10.06 and a beta of 0.78.
Provident Financial Services (NYSE:PFS – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.55 by $0.06. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The business had revenue of $225.20 million for the quarter, compared to the consensus estimate of $225.62 million. During the same period in the previous year, the business earned $0.49 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. Equities analysts anticipate that Provident Financial Services, Inc will post 2.36 earnings per share for the current fiscal year.
Provident Financial Services Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.1%. Provident Financial Services’s payout ratio is currently 40.85%.
Insiders Place Their Bets
In other Provident Financial Services news, CEO George Lista sold 2,556 shares of the company’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 transaction, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. This represents a 2.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.02% of the stock is owned by insiders.
Hedge Funds Weigh In On Provident Financial Services
Several hedge funds have recently modified their holdings of PFS. American Century Companies Inc. boosted its holdings in shares of Provident Financial Services by 40.4% during the 3rd quarter. American Century Companies Inc. now owns 2,308,774 shares of the savings and loans company’s stock valued at $44,513,000 after purchasing an additional 664,021 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Provident Financial Services by 34.2% during the third quarter. JPMorgan Chase & Co. now owns 1,096,733 shares of the savings and loans company’s stock valued at $21,145,000 after purchasing an additional 279,216 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Provident Financial Services in the fourth quarter worth about $4,209,000. Assenagon Asset Management S.A. increased its holdings in shares of Provident Financial Services by 2,957.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 787,172 shares of the savings and loans company’s stock worth $15,547,000 after purchasing an additional 761,427 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of Provident Financial Services by 23.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 896,079 shares of the savings and loans company’s stock worth $17,698,000 after buying an additional 171,103 shares in the last quarter. Hedge funds and other institutional investors own 71.97% of the company’s stock.
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.