Can Provident Financial Services, Inc. (PFS)’s Tomorrow be Different? The Stock Formed a Bearish Double Bottom Chart Pattern

September 17, 2017 - By Richard Conner

Investors sentiment decreased to 1.11 in 2016 Q4. Its down 0.02, from 1.13 in 2016Q3. It is negative, as 10 investors sold Provident Financial Services, Inc. shares while 54 reduced holdings. 31 funds opened positions while 40 raised stakes. 41.54 million shares or 2.29% more from 40.61 million shares in 2016Q3 were reported.
Wedge Capital Mgmt L Limited Partnership Nc stated it has 0% of its portfolio in Provident Financial Services, Inc. (NYSE:PFS). 97,800 are held by Swiss Bankshares. Allianz Asset Ag stated it has 1.04M shares or 0.03% of all its holdings. Parkside Bank & Tru owns 30 shares. 129,363 were accumulated by National Bank & Trust Of America Corp De. Raymond James And Associate stated it has 29,142 shares or 0% of all its holdings. 125,997 were reported by California State Teachers Retirement. Prudential holds 0.02% or 471,145 shares in its portfolio. Ubs Asset Management Americas holds 24,937 shares or 0% of its portfolio. State Of New Jersey Common Pension Fund D, New Jersey-based fund reported 50,000 shares. Da Davidson holds 0% or 1,051 shares in its portfolio. Contravisory Investment Mgmt reported 7,931 shares or 0.08% of all its holdings. Blackrock holds 17,279 shares or 0% of its portfolio. Robeco Institutional Asset Bv invested in 0.02% or 84,657 shares. Blackrock Limited Liability Company holds 32,621 shares or 0% of its portfolio.

Since May 12, 2017, it had 0 buys, and 1 insider sale for $65,079 activity.

The chart of Provident Financial Services, Inc. (PFS) shows a double bottom with $22.91 target or 8.00 % below today’s $24.90 share price. The 5 months chart pattern indicates high risk for the $1.66 billion company. It was reported on Sep, 17 by Finviz.com. If the $22.91 price target is reached, the company will be worth $132.80M less. Double bottoms are rare but powerful chart patterns.

The stock increased 0.93% or $0.23 on September 15, reaching $24.9. About 508,944 shares traded or 224.90% up from the average. Provident Financial Services, Inc. (NYSE:PFS) has risen 21.62% since September 17, 2016 and is uptrending. It has outperformed by 4.92% the S&P500.

Wall Street await Provident Financial Services, Inc. (NYSE:PFS) to release earnings on October, 27. Analysts forecast earnings per share of $0.37, up exactly $0.01 or 2.78 % from 2014’s $0.36 EPS. The expected PFS’s profit could reach $24.67M giving the stock 16.82 P/E in the case that $0.37 earnings per share is reported. After posting $0.38 EPS for the previous quarter, Provident Financial Services, Inc.’s analysts now forecast -2.63 % negative EPS growth.

Provident Financial Services, Inc. (NYSE:PFS) Ratings Coverage

Among 8 analysts covering Provident Financial Services (NYSE:PFS), 2 have Buy rating, 0 Sell and 6 Hold. Therefore 25% are positive. Provident Financial Services had 16 analyst reports since August 5, 2015 according to SRatingsIntel. As per Monday, August 3, the company rating was downgraded by Drexel Hamilton. On Thursday, September 7 the stock rating was maintained by RBC Capital Markets with “Buy”. The stock has “Neutral” rating by Piper Jaffray on Tuesday, November 10. On Friday, August 4 the stock rating was maintained by Piper Jaffray with “Hold”. The company was maintained on Monday, August 3 by RBC Capital Markets. The rating was upgraded by Sandler O’Neill to “Buy” on Thursday, June 29. The stock of Provident Financial Services, Inc. (NYSE:PFS) has “Hold” rating given on Wednesday, August 16 by Keefe Bruyette & Woods. The firm has “Buy” rating by RBC Capital Markets given on Friday, July 7. The stock of Provident Financial Services, Inc. (NYSE:PFS) earned “Hold” rating by Sandler O’Neill on Tuesday, September 13. Zacks upgraded Provident Financial Services, Inc. (NYSE:PFS) rating on Friday, August 14. Zacks has “Hold” rating and $22 target.

More news for Provident Financial Services, Inc. (NYSE:PFS) were recently published by: Seekingalpha.com, which released: “Provident Financial Services’ (PFS) CEO Christopher Martin on Q2 2017 Results …” on July 28, 2017. Seekingalpha.com‘s article titled: “Provident Financial Services’ (PFS) CEO Chris Martin on Q1 2017 Results …” and published on April 28, 2017 is yet another important article.

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