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

. 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.