Provident Financial Services Inc (PFS)

Provident Financial Services (NYSE:PFS) has received a "Moderate Buy" consensus rating from eight brokerages, with an average 12-month price target of $26.79, indicating potential upside from its recent price of $23.59. The company recently exceeded Q2 earnings and revenue estimates and declared a quarterly dividend of $0.24 per share, translating to a 4.1% annual yield. Despite an EVP's sale of 20,000 shares, institutional investors have increased their holdings, with hedge funds and other institutions owning 71.97% of the company's stock.

Provident Financial Services, Inc. successfully closed a $175 million underwritten public offering of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036. The notes feature a fixed interest rate for the first five years, then transition to a floating rate tied to Three-Month Term SOFR. Proceeds from this offering will be used to repay existing subordinated notes and for general corporate purposes.

Provident Financial Services, Inc. (PFS) has successfully completed an underwritten public offering of $175 million in 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036. The proceeds will be used to repay $150 million of existing 2.875% Subordinated Notes due 2031 and $20 million of Junior Subordinated Notes due 2033, as well as for general corporate purposes. This move extends the company's term funding but also introduces a higher fixed interest rate compared to the debt being retired.

Provident Financial (PFS) reported Q2 earnings of $0.6 per share, surpassing the Zacks Consensus Estimate of $0.56, and revenues of $234.65 million, exceeding estimates by 2.64%. The company has outperformed the S&P 500 year-to-date with a 22.4% gain and currently holds a Zacks Rank #3 (Hold). The article also touches on the outlook for OceanFirst Financial (OCFC), another company in the same industry.

Bank of America Corp DE increased its stake in Provident Financial Services, Inc (NYSE:PFS) by 23.4% in the first quarter, now owning 624,648 shares valued at $13.22 million. Other institutional investors also adjusted their positions, and an insider recently sold 20,000 shares. Provident Financial Services reported strong earnings for the last quarter, beating analyst estimates, and announced a quarterly dividend of $0.24 per share.