Fintel reports that on December 13, 2024, Hovde Group initiated coverage of Provident Financial Services (NYSE:PFS) with a Outperform recommendation.
Analyst Price Forecast Suggests 17.52% Upside
As of December 3, 2024, the average one-year price target for Provident Financial Services is $23.87/share. The forecasts range from a low of $21.21 to a high of $28.35. The average price target represents an increase of 17.52% from its latest reported closing price of $20.31 / share.
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The projected annual revenue for Provident Financial Services is 881MM, an increase of 67.51%. The projected annual non-GAAP EPS is 2.89.
What is the Fund Sentiment?
There are 528 funds or institutions reporting positions in Provident Financial Services. This is an increase of 7 owner(s) or 1.34% in the last quarter. Average portfolio weight of all funds dedicated to PFS is 0.12%, an increase of 16.18%. Total shares owned by institutions increased in the last three months by 12.05% to 110,336K shares. 
The put/call ratio of PFS is 0.11, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 6,854K shares representing 5.25% ownership of the company. In its prior filing, the firm reported owning 5,008K shares , representing an increase of 26.94%. The firm increased its portfolio allocation in PFS by 58.86% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,904K shares representing 2.99% ownership of the company. In its prior filing, the firm reported owning 3,896K shares , representing an increase of 0.20%. The firm increased its portfolio allocation in PFS by 21.73% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 3,099K shares representing 2.38% ownership of the company. In its prior filing, the firm reported owning 3,111K shares , representing a decrease of 0.39%. The firm increased its portfolio allocation in PFS by 17.56% over the last quarter.
IWM - iShares Russell 2000 ETF holds 2,976K shares representing 2.28% ownership of the company. No change in the last quarter.
Geode Capital Management holds 2,947K shares representing 2.26% ownership of the company. In its prior filing, the firm reported owning 2,893K shares , representing an increase of 1.83%. The firm decreased its portfolio allocation in PFS by 36.33% over the last quarter.
Provident Financial Services Background Information
(This description is provided by the company.)
Provident Bank, a community-oriented financial institution offering 'Commitment you can count on' since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc., which reported assets of $12.92 billion as of December 31, 2020. With $9.84 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Queens County in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and full service insurance agency and brokerage services through its wholly owned subsidiary, SB One Insurance Agency, Inc.
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