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Downgrade Alert for Provident Financial Services (PFS)

By Shiri Gupta

Provident Financial Services (NYSE:PFS) was downgraded from Buy to Hold at Sandler O'Neill today. The stock closed yesterday at $20.98 on volume of 236,000 shares, above average daily volume of 185,000.

Provident Financial Services has overhead space with shares priced $20.98, or 2.0% below the average consensus analyst price target of $21.40. The stock should discover initial support at its 50-day moving average (MA) of $19.85 and subsequent support at its 200-day MA of $19.64.

Provident Financial Services, Inc. is a bank holding company.

In the past 52 weeks, shares of Provident Financial Services have traded between a low of $17.71 and a high of $21.72 and closed yesterday at $20.98, which is 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Provident Financial Services on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.65. Since that recommendation, shares of Provident Financial Services have risen 4.0%. We continue to monitor PFS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades provident financial services

Ticker(s): PFS