Provident Finl Services had its Relative Strength (RS) Rating upgraded from 80 to 88 Thursday.
IBD's proprietary RS Rating measures technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the best stocks tend to have an RS Rating of over 80 in the early stages of their moves.
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Provident Finl Services is now considered extended and out of buy range after clearing a 19.59 buy point in a first-stage flat base. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Earnings-per-share growth fell in the company's latest report from 0% to -5%, but revenue rose from 38% to 82%.
The company holds the No. 34 rank among its peers in the Banks-Northeast industry group. Amalgamated Financial, Chain Bridge Bancorp and Metropolitan Bank are among the top 5 highly rated stocks within the group.
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