Provident Financial Services (PFS) was Downgraded by Sandler O’Neill to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Sandler O’Neill advised their investors in a research report released on Sep 13, 2016.
On the company’s financial health, Provident Financial Services reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $0.33. The company had revenue of $77.73 million for the quarter, compared to analysts expectations of $76.87 million. The company’s revenue was down -1.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.35 EPS.
Provident Financial Services opened for trading at $21.19 and hit $21.47 on the upside on Monday, eventually ending the session at $21.47, with a gain of 0.75% or 0.16 points. The heightened volatility saw the trading volume jump to 149,178 shares. Company has a market cap of $1,421 M.
In a different news, on Sep 7, 2016, John F Kuntz (EVP,General Counsel, Secretary) sold 10,698 shares at $21.54 per share price. According to the SEC, on Sep 6, 2016, Jack Novielli (EVP and CIO of Provident Bank) sold 5,500 shares at $21.50 per share price. On Sep 1, 2016, Donald W Blum (EVP/CLO of The Provident Bank) sold 10,994 shares at $21.38 per share price, according to the Form-4 filing with the securities and exchange commission.
Provident Financial Services Inc. is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank and operates 86 full-service branch offices in the New Jersey counties of Hudson Bergen Essex Mercer Hunterdon Middlesex Monmouth Morris Ocean Passaic Somerset Union and Warren as well as in Bucks Lehigh and Northampton counties in Pennsylvania. The Bank receives deposits from the general public and businesses primarily in the areas surrounding its banking offices and uses those funds together with funds generated from operations and borrowings to originate commercial real estate loans residential mortgage loans commercial business loans and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania.