Piper Sandler lowers Provident Financial Services (NYSE:PFS) price target to $24.00

Provident Financial Services (NYSE: PFS – Get an Assessment) had its price target reduced by Piper Sandler stock research analysts to $24.00 in a note issued to investors on Wednesday, Stock Target Advisor reports. Piper Sandler’s target price would indicate a potential upside of 18.69% from the current stock price.

PFS has been the subject of several other research reports. DA Davidson lowered its price target on shares of Provident Financial Services from $26.00 to $22.00 in a Thursday, September 29 report. Royal Bank of Canada raised its price target on shares of Provident Financial Services from $29.00 to $30.00 and gave the stock an “outperform” rating in a Monday, Aug. 1, report.

Pension financial services share down 0.6%

PFS lost $0.13 during trading hours on Wednesday, hitting $20.22. 861,585 shares of the company were traded, against an average volume of 353,380. Provident Financial Services has a 12-month low of $19.28 and a 12-month high of $26.20. The company has a 50-day moving average of $23.40 and a 200-day moving average of $22.86. The company has a market capitalization of $1.53 billion, a P/E ratio of 9.67 and a beta of 0.93. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt ratio of 0.67.

Provident Financial Services (NYSE:PFS – Get Rating) last announced its results on Friday, July 29. The savings and loan company reported earnings per share of $0.53 for the quarter, beating the consensus estimate of $0.52 by $0.01. Provident Financial Services posted a net margin of 31.96% and a return on equity of 9.59%. The company posted revenue of $120.41 million for the quarter, versus a consensus estimate of $120.12 million. During the same period of the previous year, the company achieved EPS of $0.58. The company’s revenue for the quarter increased 7.4% year over year. Analysts predict Provident Financial Services will post EPS of 2.29 for the current fiscal year.

Institutional entries and exits

Several large investors have recently changed their PSF portfolio. Assetmark Inc. increased its holdings of Provident Financial Services shares by 146.9% in Q2. Assetmark Inc. now owns 1,254 shares of the savings and loan company valued at $28,000 after buying an additional 746 shares last quarter. Advisor Group Holdings Inc. increased its stake in Provident Financial Services by 35.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loan company worth $42,000 after purchasing an additional 470 shares during the period. FMR LLC increased its stake in Provident Financial Services by 48.7% during the 2nd quarter. FMR LLC now owns 4,016 shares of the savings and loan company worth $90,000 after purchasing an additional 1,315 shares during the period. JW Cole Advisors Inc. acquired a new stake in Provident Financial Services during Q1 valued at $171,000. Finally, KBC Group NV increased its stake in Provident Financial Services by 97.3% during the first quarter. KBC Group NV now owns 7,597 shares in the savings and loan company worth $178,000 after purchasing an additional 3,746 shares during the period. Institutional investors and hedge funds own 64.32% of the company’s shares.

Provident financial services company profile

(Get a rating)

Provident Financial Services, Inc. operates as a bank holding company for Provident Bank which provides various personal, family and business banking products and services in the United States. The Company’s deposit products include savings, checks, interest-bearing checks, money market deposits and certificates of deposit accounts, as well as IRA products.

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