The Vanguard Group, Inc. has recently announced that it has increased stake in Provident Financial Services Inc. (NYSE:PFS) by 1.58%. After grabbing 8.04 million shares, the institutional investor is now in possession of 0.12 million shares of the Financial Company. The new investment brought the stake of investor firm to 10.69% having worth around $181.25 million. Moreover, Dimensional Fund Advisors LP increased its share by 81452.0 to have a control over 5.58 million shares. And SSgA Funds Management, Inc. raised its holdings to 52539.0 shares by acquiring 3.31 million shares or 4.40% of the stake.
Provident Financial Services Inc. (PFS) concluded trading on 01/11/23 at a closing price of $22.02, with 0.46 million shares of worth about $10.07 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -1.12% during that period and on Wednesday the price saw a gain of about 0.64%. Currently the company’s common shares owned by public are about 74.30M shares, out of which, 70.52M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 5 analysts are covering the PFS stock and their offered price forecasts bring an average price target of $24.40. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $27.00 and could fall to a lowest price of $22.00. The stock’s current price level is 10.12% above of average price target set by the analysts, while a rise to estimated low would result in loss of -0.09% for the stock. However, touching the estimated high of $27.00 would mean a gain of 18.44% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 78 times over the past 12 months. They bought 93,932 shares in 30 of the transactions. In 48 selling transactions, insiders dumped 38,490 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and DFA US Small Cap Value Portfolio are the top 3 mutual funds which are holding stakes in Provident Financial Services Inc. iShares Core S&P Small Cap ETF is currently holding 5.22 million shares of worth totaling $117.54 million. The company recently came buying 0.0 shares which brought its stake up to 6.93% of the company’s outstanding shares. DFA US Small Cap Value Portfolio, after buying 1.92 million shares, have now control over 2.55% of the stake in the company. It holds 53879.0 shares of worth $43.2 million.
Provident Financial Services Inc. (NYSE: PFS) started trading at $21.98, above $0.1 from concluding price of the previous day. However, the stock later moved at a day high price of 22.02, or with a gain of 0.64%. Stock saw a price change of 2.37% in past 5 days and over the past one month there was a price change of 0.18%. Year-to-date (YTD), PFS shares are showing a performance of 3.09% which decreased to -14.98% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $19.18 but also hit the highest price of $26.07 during that period. The average intraday trading volume for Provident Financial Services Inc. shares is 362.72K. The stock is currently trading 2.89% above its 20-day simple moving average (SMA20), while that difference is up 0.46% for SMA50 and it goes to -1.72% lower than SMA200.
The Vanguard Group, Inc. acquired 8.04 million shares of Provident Financial Services Inc. having value of about $181.25 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.12 million shares in the company valued at close to $2747919.84, or have control over 1.58% stake in the company. Provident Financial Services Inc. (NYSE: PFS) currently have 74.30M outstanding shares and institutions hold larger chunk of about 68.50% of that. Holding of mutual funds in the company is about 19.57% while other institutional holders and individual stake holders have control over 48.23% and 12.35% of the stake respectively.
The stock has a current market capitalization of $1.61B and its 3Y-monthly beta is at 0.96. PE ratio of stock for trailing 12 months is 10.11, while it has posted earnings per share of $2.18 in the same period. Its PEG reads 1.26 while making debt-to-equity ratio of 0.01. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PFS, volatility over the week remained 1.86% while standing at 2.00% over the month.
Analysts are in expectations that Provident Financial Services Inc. (PFS) stock would likely to be making an EPS of $0.58 in the current quarter, while forecast for next quarter EPS is $0.61 and it is $2.51 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.56 which is $0.6 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.49 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 57.50% while it is estimated to increase by 6.93% in next year. EPS is likely to shrink at an annualized rate of 8.00% for next 5-years, compared to annual growth of 9.80% made by the stock over the past 5-years.
Analysts at 5 brokerage firms have issued recommendations for the Provident Financial Services Inc. (PFS)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 5 Wall Street analysts, 1 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on August 19, 2022 offering a Neutral rating for the stock and assigned a target price of $26 to it. Coverage by RBC Capital Mkts stated Provident Financial Services Inc. (PFS) stock as an Outperform in their note to investors on March 05, 2021, suggesting a price target of $26 for the stock. On March 13, 2020, Boenning & Scattergood Upgrade their recommendations, while on October 11, 2019, RBC Capital Mkts Initiated their ratings for the stock with a price target of $26. Stock get a Buy rating from Sandler O’Neill on December 20, 2018.