Improved Provident Financial Services (NYSE: PFS) at Zacks Investment Research


Provident Financial Services (NYSE: PFS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Friday, Zacks.com reports. The company currently has a target price of $ 26.00 on shares in the savings and loan company. Zacks Investment Research’s price target would point to a potential rise of 9.84% from the company’s current price.

According to Zacks, “Provident Financial Services, Inc. is the holding company for The Provident Bank, a community and customer-focused banking company. Provident Bank emphasizes personalized service and customer convenience in meeting the financial needs of individuals, families and businesses in North and Central New Jersey. The bank offers a wide range of deposit, loan, trust and investment products. In line with its customer-centric strategy. “

NYSE: PFS opened at $ 23.67 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92, and a debt ratio of 0.41. Provident Financial Services has a 12-month low of $ 17.14 and a 12-month high of $ 25.98. The stock has a 50-day moving average price of $ 24.59 and a 200-day moving average price of $ 23.39. The stock has a market cap of $ 1.83 billion, a P / E ratio of 10.61 and a beta of 0.98.

Provident Financial Services (NYSE: PFS) last reported its results on Thursday, October 28. The savings and loan company reported earnings per share (EPS) of $ 0.49 for the quarter, beating the consensus estimate of $ 0.47 by $ 0.02. Provident Financial Services recorded a return on equity of 10.34% and a net margin of 35.12%. The company posted revenue of $ 99.59 million in the quarter, against analysts’ expectations of $ 113.23 million. In the same quarter of last year, the company posted earnings per share of $ 0.37. The company’s revenue grew 6.6% year-over-year. On average, research analysts forecast Provident Financial Services to post earnings per share of 2.15 for the current fiscal year.

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A number of institutional investors have recently changed their positions in the stock. BlackRock Inc. increased its stake in Provident Financial Services by 1.0% during the second quarter. BlackRock Inc. now owns 11,521,633 shares of the savings and loan company valued at $ 263,730,000 after purchasing an additional 109,568 shares in the last quarter. Vanguard Group Inc. increased its stake in Provident Financial Services by 3.1% during the second quarter. Vanguard Group Inc. now owns 7,826,843 shares of the savings and loan company valued at $ 179,157,000 after purchasing an additional 235,040 shares in the last quarter. State Street Corp increased its stake in Provident Financial Services by 6.1% during the second quarter. State Street Corp now owns 3,150,729 shares of the savings and loan company valued at $ 72,120,000 after purchasing an additional 181,143 shares in the last quarter. Principal Financial Group Inc. increased its stake in Provident Financial Services by 2.7% during the third quarter. Principal Financial Group Inc. now owns 1,731,006 shares of the savings and loan company valued at $ 40,627,000 after purchasing an additional 44,946 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Provident Financial Services by 4.9% during the third quarter. American Century Companies Inc. now owns 1,454,783 shares of the savings and loan company valued at $ 34,144,000 after purchasing an additional 67,383 shares in the last quarter. 61.39% of the shares are held by institutional investors.

Profile of the provident financial services company

Provident Financial Services, Inc is a holding company that provides banking services to individuals and businesses in northern and central New Jersey and eastern Pennsylvania. The company was founded on January 15, 2003 and is headquartered in Jersey City, New Jersey.

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