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UPDATE: Sterne Agee Upgrades Provident Financial Services to Buy on Recent Sell-Off

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Sterne Agee raised its rating on Provident Financial Services (NYSE: PFS) from Neutral to Buy.

Sterne Agee said, "After a recent sell-off, we are upgrading Provident Financial Services to Buy from Neutral. Including a 5.4% forward dividend yield, the shares offer 17% upside to our $15 fundamental price target. While Hurricane Sandy will reduce earnings, we believe the company will still be able to grow tangible book value in the year ahead. We are projecting full-year returns on tangible common equity (ROTCE) of 9.4% and 10.1% in 2013 and 2014."

Provident Financial Services closed at $13.39 on Friday.

Latest Ratings for PFS

DateFirmActionFromTo
Feb 2014Boenning & ScattergoodUpgradesNeutralOutperform
Oct 2013Boenning & ScattergoodDowngradesOutperformNeutral
Jan 2013Sterne AgeeDowngradesBuyNeutral

View More Analyst Ratings for PFS
View the Latest Analyst Ratings

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Sterne AgeeUpgrades Pre-Market Outlook Analyst Ratings

 

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