DA Davidson analyst Manuel Navas lowered the firm’s price target on Provident Financial (PFS) to $15 from $17 and keeps a Neutral rating on the shares. With more certainty on the company’s deal close with Lakeland Bancorp (LBAI), the firm is removing the stock from its Stampede list, the analyst tells investors in a research note. The stock is down 12% vs the KRX in 2024 and down 27% since deal announcement on concerns around hefty dilution and net interest margin deterioration, but confidence remains high on better profitability with a full update expected post deal close, the firm added.
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Read More on PFS:
- Provident Financial price target lowered to $19 from $21 at RBC Capital
- Provident Financial price target lowered to $17 from $20 at Keefe Bruyette
- Provident Financial Services, Inc. Receives FDIC and New Jersey Department of Banking and Insurance Approvals for its Merger with Lakeland Bancorp, Inc.
- Provident Financial receives FDIC approval for Lakeland Bancorp merger
- Provident Financial Services Unveils Investor Conference Materials
