StockNews.com Downgrades Provident Financial Services (NYSE:PFS) to Sell

Provident Financial Services (NYSE:PFS) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

A number of other equities research analysts have also commented on the company. Keefe, Bruyette & Woods increased their price target on Provident Financial Services from $17.00 to $20.00 and gave the stock a “market perform” rating in a research report on Monday. DA Davidson upgraded shares of Provident Financial Services from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.00 to $20.00 in a research report on Monday, April 22nd. Finally, Royal Bank of Canada lifted their target price on Provident Financial Services from $18.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.25.

Provident Financial Services Price Performance

NYSE:PFS traded down $0.37 during trading hours on Monday, reaching $18.64. The company had a trading volume of 1,058,775 shares, compared to its average volume of 963,079. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.65 and a beta of 1.03. The stock has a 50-day moving average of $14.98 and a two-hundred day moving average of $15.25. Provident Financial Services has a one year low of $13.07 and a one year high of $19.18. The company has a quick ratio of 1.08, a current ratio of 1.03 and a debt-to-equity ratio of 1.08.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, July 25th. The savings and loans company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.39). The firm had revenue of $141.51 million for the quarter, compared to the consensus estimate of $148.60 million. Provident Financial Services had a net margin of 9.38% and a return on equity of 4.95%. The company’s revenue for the quarter was up 42.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 earnings per share. Analysts forecast that Provident Financial Services will post 1.79 earnings per share for the current year.

Institutional Investors Weigh In On Provident Financial Services

Hedge funds have recently modified their holdings of the business. Rise Advisors LLC bought a new position in shares of Provident Financial Services during the 2nd quarter worth approximately $29,000. TFO Wealth Partners LLC grew its holdings in shares of Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock valued at $38,000 after acquiring an additional 2,101 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Provident Financial Services by 43.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,050 shares of the savings and loans company’s stock valued at $58,000 after acquiring an additional 1,218 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Provident Financial Services during the first quarter worth about $76,000. Finally, International Assets Investment Management LLC grew its stake in Provident Financial Services by 1,728.7% in the fourth quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock valued at $132,000 after purchasing an additional 6,932 shares in the last quarter. Institutional investors and hedge funds 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.