Provident Financial Services (NYSE:PFS) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Provident Financial Services (NYSE:PFS) posted its quarterly earnings data on Wednesday. The savings and loans company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.56 by $0.04, Zacks reports. Provident Financial Services had a return on equity of 10.98% and a net margin of 21.95%.The firm had revenue of $234.96 million during the quarter, compared to analyst estimates of $225.57 million. During the same period in the prior year, the business posted $0.55 EPS.

Provident Financial Services Trading Down 0.7%

Provident Financial Services stock opened at $24.00 on Thursday. Provident Financial Services has a 1 year low of $17.61 and a 1 year high of $24.56. The firm’s 50 day moving average price is $23.17 and its 200-day moving average price is $22.23. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $3.13 billion, a P/E ratio of 10.21 and a beta of 0.78.

Analyst Ratings Changes

Several research firms have issued reports on PFS. Keefe, Bruyette & Woods boosted their price target on Provident Financial Services from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Weiss Ratings raised Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Stephens initiated coverage on Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 price objective for the company. Raymond James Financial increased their target price on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, DA Davidson restated a “neutral” rating and set a $23.00 target price on shares of Provident Financial Services in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Buying and Selling at Provident Financial Services

In related news, CEO George Lista sold 2,556 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $22.40, for a total transaction of $57,254.40. Following the completion of the transaction, the chief executive officer owned 109,262 shares in the company, valued at approximately $2,447,468.80. This represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Institutional Trading of Provident Financial Services

Several hedge funds have recently bought and sold shares of PFS. EverSource Wealth Advisors LLC grew its position in shares of Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Provident Financial Services during the fourth quarter valued at approximately $33,000. Danske Bank A S bought a new position in Provident Financial Services during the third quarter valued at approximately $58,000. Russell Investments Group Ltd. grew its holdings in Provident Financial Services by 227.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,926 shares of the savings and loans company’s stock valued at $121,000 after buying an additional 4,812 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new position in Provident Financial Services during the 4th quarter valued at approximately $199,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.