Provident Financial Services ( (PFS) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Shares of Provident Financial Services have come under scrutiny following recent financial disclosures and analyst reviews. The company reported a slight dip in net interest margin, primarily due to reduced net accretion of purchase accounting adjustments after its merger with Lakeland. Despite this, there were improvements in core net interest margin and asset quality, along with a decrease in non-performing loans. Provident also announced a reclassification of $151.3 million from its commercial loan portfolio for sale and an increase in deposits by $247.6 million. While analyst Tim Switzer from KBW maintained a Buy rating, insider sentiment was largely negative due to increased insider selling. The consensus analyst price target has been adjusted to $24, reflecting these financial results and the merger’s potential impact on business and customer relationships.
More about Provident Financial Services
YTD Price Performance: 3.17%
Average Trading Volume: 590,445
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $2.5B
For further insights into PFS stock on TipRanks’ Stock Analysis page.
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