Sterne Agee Reiterates Buy Rating, $15 PT on Provident Financial Services
In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $15.00 price target on Provident Financial Services (NYSE: PFS).
Sterne Agee noted, “We added the repurchase of 2.6 mil. shares (4.2% of total) through year end 2014 to our model. This resulted in a $0.02 p/s increase to our 2014 estimate. While we expect profitability will be negatively impacted near-term by Hurricane Sandy, the company is expected to generate solid returns for full year 2013 and 2014 (9-10% ROEs).”
Provident Financial Services closed on Monday at $14.78.
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