Provident Financial Launches New Stock Repurchase Program
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Source: seekingalpha
- Repurchase Program Update: Provident Financial Services has announced its tenth stock repurchase program, allowing for the buyback of up to 2.81 million shares, approximately 2.15% of its outstanding common stock, to enhance capital management flexibility.
- Current Buyback Progress: The existing repurchase program has 814,247 shares remaining, indicating the company's proactive approach to seeking further capital return opportunities after completing the current buyback.
- Diverse Repurchase Methods: The new program permits repurchases through various methods, including market purchases and block trades, with no expiration date, demonstrating the company's ability to respond flexibly to market conditions.
- Executive Insights: CFO Thomas M. Lyons stated that the company's balance sheet and capital management strategy have enabled it to complete the existing repurchase program smoothly, thereby introducing additional capital return flexibility.
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Analyst Views on PFS
Wall Street analysts forecast PFS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PFS is 22.00 USD with a low forecast of 22.00 USD and a high forecast of 22.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 22.220
Low
22.00
Averages
22.00
High
22.00
Current: 22.220
Low
22.00
Averages
22.00
High
22.00
About PFS
Provident Financial Services, Inc. is the holding company for Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank operating full-service branch offices throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank attracts deposits from the general public and businesses primarily in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, commercial business loans, residential mortgage loans, and consumer loans. The Bank invests in mortgage-backed securities and other permissible investments. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. The Bank has approximately 140 branches.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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