Provident Financial Services, Inc. (NYSE:PFS) to Post Q1 2021 Earnings of $0.43 Per Share, Boenning Scattergood Forecasts


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Provident Financial Services, Inc. (NYSE:PFS) – Equities researchers at Boenning Scattergood lowered their Q1 2021 earnings estimates for Provident Financial Services in a research note issued to investors on Tuesday, April 13th. Boenning Scattergood analyst E. Zwick now anticipates that the savings and loans company will earn $0.43 per share for the quarter, down from their previous forecast of $0.47. Boenning Scattergood currently has a “Neutral” rating on the stock. Boenning Scattergood also issued estimates for Provident Financial Services’ Q2 2021 earnings at $0.46 EPS.

Several other equities analysts have also commented on PFS. Royal Bank of Canada upgraded Provident Financial Services from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $23.00 to $26.00 in a research note on Thursday, March 11th. Barclays reaffirmed an “overweight” rating on shares of Provident Financial Services in a research report on Monday, February 22nd. Finally, Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Wednesday, February 3rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $20.33.

Shares of Provident Financial Services stock opened at $23.23 on Wednesday. The firm has a market cap of $1.81 billion, a P/E ratio of 19.04 and a beta of 1.04. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.92. Provident Financial Services has a 12 month low of $10.55 and a 12 month high of $24.20. The stock’s fifty day moving average price is $22.37 and its 200-day moving average price is $18.06.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, January 29th. The savings and loans company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.36 by $0.17. The firm had revenue of $109.19 million for the quarter, compared to analyst estimates of $108.42 million. Provident Financial Services had a return on equity of 5.64% and a net margin of 19.45%. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share.

A number of hedge funds and other institutional investors have recently modified their holdings of PFS. Everence Capital Management Inc. purchased a new position in shares of Provident Financial Services in the first quarter worth about $210,000. Norges Bank purchased a new position in shares of Provident Financial Services in the fourth quarter worth about $17,187,000. Hsbc Holdings PLC purchased a new position in shares of Provident Financial Services in the fourth quarter worth about $195,000. Principal Financial Group Inc. raised its stake in shares of Provident Financial Services by 153.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,449,256 shares of the savings and loans company’s stock worth $26,028,000 after purchasing an additional 877,367 shares during the last quarter. Finally, Mcdonald Partners LLC purchased a new position in shares of Provident Financial Services in the fourth quarter worth about $195,000. 61.48% of the stock is owned by institutional investors and hedge funds.

In related news, EVP James A. Christy sold 4,000 shares of the firm’s stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $23.37, for a total transaction of $93,480.00. Following the sale, the executive vice president now owns 27,227 shares of the company’s stock, valued at $636,294.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.40% of the stock is owned by company insiders.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 26th. Investors of record on Friday, February 12th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date was Thursday, February 11th. Provident Financial Services’s payout ratio is currently 52.87%.

Provident Financial Services Company Profile

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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

Further Reading: What is the Quick Ratio?

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