Provident Financial Services (NYSE:PFS) Releases Earnings Results, Beats Estimates By $0.03 EPS

Provident Financial Services (NYSE:PFSGet Free Report) announced its earnings results on Friday. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03, Briefing.com reports. The business had revenue of $114.48 million for the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.35%. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share.

Provident Financial Services Price Performance

Provident Financial Services stock opened at $14.46 on Friday. Provident Financial Services has a one year low of $13.21 and a one year high of $19.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.07 and a current ratio of 1.07. The business has a fifty day moving average of $14.75 and a two-hundred day moving average of $15.65. The company has a market cap of $1.09 billion, a P/E ratio of 9.04 and a beta of 1.07.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 6.64%. The ex-dividend date is Friday, April 26th. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PFS. Keefe, Bruyette & Woods lowered their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research report on Tuesday, March 26th. Royal Bank of Canada decreased their price target on Provident Financial Services from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, April 9th. DA Davidson decreased their price target on Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, March 28th. Finally, TheStreet downgraded Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.50.

View Our Latest Stock Analysis on PFS

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 4.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of PFS. Advisor Group Holdings Inc. lifted its holdings in Provident Financial Services by 35.7% in the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock valued at $42,000 after acquiring an additional 470 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of Provident Financial Services by 19.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,296 shares of the savings and loans company’s stock valued at $288,000 after buying an additional 1,986 shares in the last quarter. Citigroup Inc. increased its position in shares of Provident Financial Services by 6.4% in the first quarter. Citigroup Inc. now owns 67,130 shares of the savings and loans company’s stock valued at $1,571,000 after buying an additional 4,031 shares in the last quarter. Natixis Advisors L.P. increased its position in shares of Provident Financial Services by 45.3% in the first quarter. Natixis Advisors L.P. now owns 15,646 shares of the savings and loans company’s stock valued at $366,000 after buying an additional 4,877 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Provident Financial Services by 69.9% in the first quarter. Bank of Montreal Can now owns 36,093 shares of the savings and loans company’s stock valued at $855,000 after buying an additional 14,853 shares in the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company Profile

(Get Free Report)

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

Further Reading

Earnings History for Provident Financial Services (NYSE:PFS)

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