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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products. Its loan portfolio comprises commercial real estate loans that are secured by properties, such as multi-family apartment buildings, office buildings, and retail and industrial properties; commercial business loans; fixed-rate and adjustable-rate mortgage loans collateralized by one- to four-family residential real estate properties; commercial construction loans; and consumer loans consisting of home equity loans, home equity lines of credit, marine loans, personal loans and unsecured lines of credit, and auto and recreational vehicle loans. The company also offers cash management, remote deposit capture, payroll origination, escrow account management, and online and mobile banking services; and business credit cards. In addition, it provides wealth management services comprising investment management, trust and estate administration, financial planning, tax compliance and planning, and private banking. Further, the company sells insurance and investment products, including annuities; operates as a real estate investment trust for acquiring mortgage loans and other real estate related assets; and manages and sells real estate properties acquired through foreclosure. As of December 31, 2020, it operated 99 full-service branch offices in northern and central New Jersey, as well as in Pennsylvania and New York counties. The company was founded in 1839 and is headquartered in Jersey City, New Jersey.
IPO Year: 2003
Exchange: NYSE
Website: provident.bank
Date | Price Target | Rating | Analyst |
---|---|---|---|
8/15/2024 | $20.00 → $21.00 | Mkt Perform → Outperform | Keefe Bruyette |
4/22/2024 | $15.00 → $20.00 | Neutral → Buy | DA Davidson |
8/22/2023 | $20.00 | Neutral → Overweight | Piper Sandler |
8/19/2022 | $26.00 | Overweight → Neutral | Piper Sandler |
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Iselin, New Jersey, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, announced today a number of key leadership appointments following the completion of its merger with SB One Bank. The appointments leverage the talents and expertise of several executives, while creating synergies within the newly combined company. Vanessa Easse has been appointed to the position of Vice President and Director of Retail Operations. Ms. Easse is responsible for leading and directing all aspects of retail banking operations, and determining the operational plans and projects that best support the division’s objectives and business plan. In addition, she wi
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ISELIN, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported a net loss of $11.5 million, or $0.11 per basic and diluted share for the three months ended June 30, 2024, compared to net income of $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024 and $32.0 million, or $0.43 per basic and diluted share, for the three months ended June 30, 2023. For the six months ended June 30, 2024, net income totaled $20.6 million, or $0.23 per basic and diluted share, compared to $72.5 million, or $0.97 per basic and diluted share, for the six months ended June 30, 2023. On May 16, 2024, the Company comp
Will lead sales efforts for Middle Market Healthcare Services Provident Bank, a leading New Jersey-based financial institution, is pleased to announce that Vik Venkataraman has joined the organization as a Senior Relationship Manager to lead Provident's expansion in the middle-market healthcare services space. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240711627381/en/(Photo: Business Wire) "I am pleased to welcome Vik to the team," said Roberto Camacho, Senior Vice President, Team Leader, Healthcare & Not-for-Profit Banking. "Vik's depth and breadth of knowledge of the healthcare industry and his extensive network will be
ISELIN, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter ended June 30, 2024 on Thursday, July 25, 2024 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on July 26, 2024 at 10:00 a.m. (ET) to discuss the Company's second quarter financial results. Information about the conference call is as follows: North America Toll-Free: (888) 412-4131North America Toll: (646)
Combines the Best of Two Highly Regarded Banks to Create the Premier Super Community Bank in the Region Company Names New Board Members and Executive Leadership Team ISELIN, N.J., May 16, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) ("Provident") announced today that its merger with Lakeland Bancorp, Inc. ("Lakeland") was completed, creating the premier super community banking franchise in the region. The merger of Lakeland Bank with and into Provident Bank has also been completed. In accordance with the Agreement and Plan of Merger dated as of September 26, 2022, as amended (the "Merger Agreement"), at the close of the transaction Lakeland shareholders have
ISELIN, N.J., May 13, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company"), the holding company for Provident Bank (the "Bank"), today announced the completion of its offering and sale of $225 million of its 9.00% fixed-to-floating rate subordinated notes due 2034 (the "Notes") in a registered public offering (the "Offering"). The Notes were sold at par, resulting in net proceeds, after discounts and estimated offering expenses, of approximately $219.3 million. The purpose of the Offering was to satisfy certain previously announced regulatory conditions that were agreed to in connection with the merger (the "Merger Transaction") between the Company and La
ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company"), the holding company for Provident Bank (the "Bank"), today announced the pricing of its offering of $225 million of its 9.00% fixed-to-floating rate subordinated notes due 2034 (the "Notes") in a registered public offering (the "Offering"). The Notes will initially bear interest at 9.00% per annum, with interest payable semiannually in arrears, commencing on the issue date, to, but excluding, May 15, 2029. Commencing May 15, 2029, the interest rate on the Notes will reset quarterly to a floating rate per annum equal to a benchmark rate that is expected to be Three-Month Term SOFR (
ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company"), the holding company for Provident Bank (the "Bank"), today announced that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of subordinated notes due 2034 (the "Notes") in a registered public offering, (the "Offering"). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The purpose of the Offering is to satisfy certain previously announced regulatory conditions that were agreed to in connection with the merger (the "Merger Transaction") between the Company and Lakeland Bancorp, Inc. ("Lakeland"). The Comp
ISELIN, N.J., April 23, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, proudly announces the donation of its original bank ledgers to the Jersey City Free Public Library. These ledgers, which date back to the early days of Provident Bank, represent a significant piece of the city's financial history. Provident Bank was established in 1839 in a one-room office in Jersey City, and it holds the distinction of being the oldest New Jersey-based bank. Its first day's deposits totaled just $227. The ledgers will be on display at the Jersey City Free Public Library, where they will be carefully cataloged, preserved and made accessible to the community.
ISELIN, N.J., April 18, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $32.1 million, or $0.43 per basic and diluted share for the three months ended March 31, 2024, compared to $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023 and $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023. Net income for the trailing quarter ended December 31, 2023 was negatively impacted by a $3.0 million charge for contingent litigation reserves and a $2.0 million write-down of a foreclosed property. Transaction costs related to our pending merger with Lakela
ISELIN, N.J. and OAK RIDGE, N.J, April 11, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) ("Provident"), the parent company of Provident Bank, and Lakeland Bancorp, Inc. (NASDAQ:LBAI) ("Lakeland"), the parent company of Lakeland Bank, today announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System (the "Federal Reserve") for Provident and Lakeland to complete their previously announced merger. With this approval, no further regulatory approvals are required to complete the merger. Consistent with the approval of the Federal Deposit Insurance Corporation for the merger, the Federal Reserve approval is subject to a commitment
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Keefe Bruyette upgraded Provident Finl from Mkt Perform to Outperform and set a new price target of $21.00 from $20.00 previously
DA Davidson upgraded Provident Finl from Neutral to Buy and set a new price target of $20.00 from $15.00 previously
Piper Sandler upgraded Provident Finl from Neutral to Overweight and set a new price target of $20.00
Piper Sandler downgraded Provident Finl from Overweight to Neutral and set a new price target of $26.00
Royal Bank of Canada upgraded Provident Financial Services from Sector Perform to Outperform and set a new price target of $26.00 from $23.00 previously
RBC Capital upgraded Provident Financial from Sector Perform to Outperform and set a new price target of $26.00 from $23.00 previously
Royal Bank of Canada upgraded Provident Financial Services from Sector Perform to Outperform
Barclays resumed coverage of Provident Financial Services with a rating of Overweight
Boenning Scattergood downgraded Provident Financial Services from Outperform to Neutral
ISELIN, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported a net loss of $11.5 million, or $0.11 per basic and diluted share for the three months ended June 30, 2024, compared to net income of $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024 and $32.0 million, or $0.43 per basic and diluted share, for the three months ended June 30, 2023. For the six months ended June 30, 2024, net income totaled $20.6 million, or $0.23 per basic and diluted share, compared to $72.5 million, or $0.97 per basic and diluted share, for the six months ended June 30, 2023. On May 16, 2024, the Company comp
ISELIN, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter ended June 30, 2024 on Thursday, July 25, 2024 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on July 26, 2024 at 10:00 a.m. (ET) to discuss the Company's second quarter financial results. Information about the conference call is as follows: North America Toll-Free: (888) 412-4131North America Toll: (646)
ISELIN, N.J., April 18, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $32.1 million, or $0.43 per basic and diluted share for the three months ended March 31, 2024, compared to $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023 and $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023. Net income for the trailing quarter ended December 31, 2023 was negatively impacted by a $3.0 million charge for contingent litigation reserves and a $2.0 million write-down of a foreclosed property. Transaction costs related to our pending merger with Lakela
ISELIN, N.J., April 11, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter ended March 31, 2024 on Thursday, April 18, 2024 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on April 19, 2024 at 10:00 a.m. (ET) to discuss the Company's first quarter financial results. Information about the conference call is as follows: North America Toll-Free:(888) 412-4131 North America To
ISELIN, N.J., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $27.3 million, or $0.36 per basic and diluted share for the three months ended December 31, 2023, compared to $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023 and $49.0 million, or $0.66 per basic and diluted share, for the three months ended December 31, 2022. For the year ended December 31, 2023, net income totaled $128.4 million, or $1.72 per basic share and $1.71 per diluted share, compared to $175.6 million, or $2.35 per basic and diluted share, for the year ended December 31, 2022. Net income for the thr
ISELIN, N.J., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter and year ended December 31, 2023 on Thursday, January 25, 2024 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on January 26, 2024 at 10:00 a.m. (ET) to discuss the Company's fourth quarter and full year financial results. Information about the conference call is as follows: Participant Toll-Free Dial-In Number:1-88
ISELIN, N.J., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $28.5 million, or $0.38 per basic and diluted share for the three months ended September 30, 2023, compared to $32.0 million, or $0.43 per basic and diluted share, for the three months ended June 30, 2023 and $43.4 million, or $0.58 per basic and diluted share, for the three months ended September 30, 2022. For the nine months ended September 30, 2023, net income totaled $101.1 million, or $1.35 per basic and diluted share, compared to $126.6 million, or $1.69 per basic and diluted share, for the nine months ended September 30, 2022. Compared with the prior y
ISELIN, N.J., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter ended September 30, 2023 on Thursday, October 26, 2023 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on October 27, 2023 at 10:00 a.m. (ET) to discuss the Company's third quarter financial results. Information about the conference call is as follows: Participant Toll-Free Dial-In Number:1-888-412-4131Participant T
ISELIN, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the "Company") reported net income of $32.0 million, or $0.43 per basic and diluted share for the three months ended June 30, 2023, compared to $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023 and $39.2 million, or $0.53 per basic and diluted share, for the three months ended June 30, 2022. For the six months ended June 30, 2023, net income totaled $72.5 million, or $0.97 per basic and diluted share, compared to $83.2 million, or $1.11 per basic and diluted share, for the six months ended June 30, 2022. Net income for the three and six months ended Ju
ISELIN, N.J., July 03, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) announced that it expects to release financial results for the quarter ended June 30, 2023 on Thursday, July 27, 2023 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases. Representatives of the Company will hold a conference call for investors on July 28, 2023 at 10:00 a.m. (ET) to discuss the Company's second quarter financial results. Information about the conference call is as follows: Participant Toll-Free Dial-In Number: 1-888-412-4131P
RBC Capital analyst Jon Arfstrom maintains Provident Finl Servs (NYSE:PFS) with a Outperform and lowers the price target from $19 to $18.
RBC Capital analyst Steven Duong maintains Provident Finl Servs (NYSE:PFS) with a Outperform and raises the price target from $18 to $19.
DA Davidson analyst Manuel Navas upgrades Provident Finl Servs (NYSE:PFS) from Neutral to Buy and raises the price target from $15 to $20.
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A fresh unexpected surge in inflation blindsided markets, shattering hopes for imminent Fed rate cuts and sending stocks down across the board. In March 2024, the annual Consumer Price Index (CPI) inflation rate surged to 3.5%, up from February’s 3.2%, surpassing expectations set at 3.4%. Adding to concerns, core inflation, which excludes energy and food, also exceeded expectations, reaching 3.8% compared to the anticipated 3.7%, dismissing any justifications solely attributed to higher gasoline price pressures. Consequently, investors sharply revised down their expectations for Fed rate cuts, now anticipating the commencement of any easing policy no earlier than September, with less
4 analysts have expressed a variety of opinions on Provident Finl Servs (NYSE:PFS) over the past quarter, offering a diverse set of opinions from bullish to bearish. Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 0 2 2 0 0 Last 30D 0 1 0 0 0 1M Ago 0 1 2 0 0 2M Ago 0 0 0 0 0 3M Ago 0 0 0 0 0 The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $17.25, a high estimate of $19.00, and a low estimate of $15.00. Observing a downward trend, the curr