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

Provident Financial Services (NYSE:PFS) released its quarterly earnings results on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03, Briefing.com reports. Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The firm had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. During the same quarter in the prior year, the firm posted $0.54 EPS. The business’s revenue was down 12.3% on a year-over-year basis.

Provident Financial Services Trading Up 0.4 %

Shares of Provident Financial Services stock opened at $13.81 on Friday. The business has a fifty day simple moving average of $14.78 and a two-hundred day simple moving average of $15.65. Provident Financial Services has a 1 year low of $13.21 and a 1 year high of $19.62. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 8.04 and a beta of 1.07. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.07 and a quick ratio of 1.07.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 6.95%. The ex-dividend date was Thursday, February 8th. Provident Financial Services’s dividend payout ratio is 56.14%.

Analysts Set New Price Targets

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

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 transaction of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. increased its position in shares of Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock worth $36,000 after purchasing an additional 1,065 shares during the period. Advisor Group Holdings Inc. increased its position in shares of 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 worth $42,000 after purchasing an additional 470 shares during the period. Point72 Europe London LLP bought a new position in Provident Financial Services in the fourth quarter valued at about $43,000. Point72 Middle East FZE bought a new position in Provident Financial Services in the fourth quarter valued at about $43,000. Finally, First Manhattan Co. grew its position in Provident Financial Services by 106.8% in the fourth quarter. First Manhattan Co. now owns 2,130 shares of the savings and loans company’s stock valued at $45,000 after acquiring an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.