Analysts predict that Provident Financial Services, Inc. (NYSE:PFS) will report $89.69 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Provident Financial Services’ earnings, with the highest sales estimate coming in at $89.86 million and the lowest estimate coming in at $89.40 million. Provident Financial Services posted sales of $85.20 million during the same quarter last year, which suggests a positive year-over-year growth rate of 5.3%. The company is scheduled to issue its next earnings results on Friday, January 25th.
According to Zacks, analysts expect that Provident Financial Services will report full-year sales of $355.85 million for the current fiscal year, with estimates ranging from $355.10 million to $356.26 million. For the next financial year, analysts expect that the company will post sales of $369.82 million, with estimates ranging from $365.00 million to $374.10 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Provident Financial Services.
Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Friday, October 26th. The savings and loans company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.08. The business had revenue of $91.70 million during the quarter, compared to analysts’ expectations of $89.09 million. Provident Financial Services had a net margin of 25.16% and a return on equity of 8.09%. During the same period last year, the company posted $0.41 earnings per share.
A number of equities research analysts have commented on the stock. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a report on Friday, July 27th. Piper Jaffray Companies restated a “hold” rating and issued a $25.50 price target on shares of Provident Financial Services in a report on Wednesday, August 1st. ValuEngine upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a research note on Thursday, November 1st. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Provident Financial Services currently has a consensus rating of “Hold” and an average target price of $27.83.
Several institutional investors have recently added to or reduced their stakes in PFS. BlackRock Inc. lifted its stake in shares of Provident Financial Services by 5.9% in the second quarter. BlackRock Inc. now owns 8,551,844 shares of the savings and loans company’s stock valued at $235,435,000 after buying an additional 477,216 shares in the last quarter. Dalton Greiner Hartman Maher & Co. lifted its stake in shares of Provident Financial Services by 14.8% in the third quarter. Dalton Greiner Hartman Maher & Co. now owns 971,229 shares of the savings and loans company’s stock valued at $23,844,000 after buying an additional 125,218 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Provident Financial Services by 7.2% in the second quarter. Renaissance Technologies LLC now owns 1,256,400 shares of the savings and loans company’s stock valued at $34,589,000 after buying an additional 83,900 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Provident Financial Services by 3.3% in the second quarter. Northern Trust Corp now owns 2,518,716 shares of the savings and loans company’s stock valued at $69,340,000 after buying an additional 79,918 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Provident Financial Services in the third quarter valued at $1,644,000. 65.12% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:PFS opened at $25.19 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.09 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.81 and a beta of 0.64. Provident Financial Services has a 12 month low of $22.22 and a 12 month high of $29.12.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Wednesday, November 14th. Provident Financial Services’s dividend payout ratio (DPR) is 55.26%.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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