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