Provident Financial Services (NYSE:PFS) Posts Earnings Results, Misses Expectations By $0.08 EPS

Provident Financial Services (NYSE:PFS) announced its quarterly earnings results on Wednesday. The savings and loans company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.08), Zacks reports. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%.

Provident Financial Services Trading Down 0.6%

Provident Financial Services stock traded down $0.14 during mid-day trading on Wednesday, hitting $23.09. 811,039 shares of the stock were exchanged, compared to its average volume of 943,189. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.99. Provident Financial Services has a 12 month low of $17.70 and a 12 month high of $25.49. The firm’s fifty day simple moving average is $22.93 and its two-hundred day simple moving average is $22.57. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 9.62 and a beta of 0.83.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, August 14th. Provident Financial Services’s dividend payout ratio is currently 40.00%.

Insider Transactions at Provident Financial Services

In other news, Director Thomas Shara sold 40,266 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $23.06, for a total value of $928,533.96. Following the sale, the director directly owned 382,911 shares of the company’s stock, valued at approximately $8,829,927.66. This represents a 9.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Vito Giannola sold 20,000 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $24.36, for a total transaction of $487,200.00. Following the sale, the executive vice president owned 56,424 shares of the company’s stock, valued at approximately $1,374,488.64. This trade represents a 26.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 79,166 shares of company stock worth $1,856,284. Company insiders own 3.02% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Raymond James Financial increased their price objective on shares of Provident Financial Services from $25.00 to $27.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Piper Sandler reissued an “overweight” rating and set a $29.00 price objective (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Weiss Ratings upgraded Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Hovde Group upped their target price on Provident Financial Services from $26.50 to $28.50 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $28.00 target price (up from $26.00) on shares of Provident Financial Services in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.79.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community and commercial bank serving individuals, businesses and organizations. The bank provides checking and savings accounts, certificates of deposit, treasury management and other deposit products, along with residential mortgage, commercial real estate, commercial business and consumer lending.

Through its banking and wealth-management operations, Provident offers services that may include investment management, trust and fiduciary services, financial planning and insurance solutions.