What Happened?
Shares of regional bank Provident Financial Services (NYSE: PFS) jumped 5.8% in the afternoon session after Raymond James initiated coverage on the stock with a "Strong Buy" rating and set a $21 price target. The investment firm highlighted Provident as a "well-run franchise" that is poised to increase its market share, thanks to a robust balance sheet and strong liquidity.
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What The Market Is Telling Us
Provident Financial Services’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Provident Financial Services is down 3.9% since the beginning of the year, and at $17.87 per share, it is trading 18.3% below its 52-week high of $21.86 from November 2024. Investors who bought $1,000 worth of Provident Financial Services’s shares 5 years ago would now be looking at an investment worth $1,368.
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