Provident Financial Services (NYSE:PFS) Shares Gap Down Following Weak Earnings

Provident Financial Services, Inc. (NYSE:PFS) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $19.19, but opened at $18.38. Provident Financial Services shares last traded at $18.60, with a volume of 155,521 shares.

The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Hovde Group assumed coverage on shares of Provident Financial Services in a report on Friday, December 13th. They issued an “outperform” rating and a $25.00 price target on the stock. StockNews.com downgraded Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Thursday, January 9th. Finally, DA Davidson lifted their price objective on Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

Insiders Place Their Bets

In other news, EVP James A. Christy sold 3,500 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $20.88, for a total transaction of $73,080.00. Following the transaction, the executive vice president now owns 34,254 shares in the company, valued at approximately $715,223.52. This trade represents a 9.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.29% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PFS. Nomura Asset Management Co. Ltd. lifted its position 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. KBC Group NV lifted its holdings in shares of Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company’s stock worth $121,000 after purchasing an additional 1,848 shares during the period. International Assets Investment Management LLC boosted its position in Provident Financial Services by 1,779.7% in the third quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock valued at $146,000 after buying an additional 7,457 shares during the last quarter. Algert Global LLC acquired a new position in Provident Financial Services in the 2nd quarter worth approximately $178,000. Finally, Haverford Trust Co acquired a new stake in Provident Financial Services during the 3rd quarter valued at approximately $187,000. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Stock Performance

The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 17.99 and a beta of 1.08. The firm’s 50 day simple moving average is $19.69 and its 200 day simple moving average is $19.02. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03.

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.