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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.

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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