Provident Financial Services (NYSE:PFS) Announces Earnings Results, Beats Expectations By $0.03 EPS

Provident Financial Services (NYSE:PFSGet Free Report) released its earnings results on Friday. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03, Briefing.com reports. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.35%. The firm had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. During the same period in the previous year, the firm earned $0.54 earnings per share. Provident Financial Services’s revenue was down 12.3% compared to the same quarter last year.

Provident Financial Services Trading Up 5.2 %

NYSE PFS opened at $14.46 on Friday. The company’s fifty day simple moving average is $14.75 and its 200-day simple moving average is $15.65. Provident Financial Services has a 52 week low of $13.21 and a 52 week high of $19.62. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.19. The stock has a market cap of $1.09 billion, a P/E ratio of 9.04 and a beta of 1.07.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, April 29th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.64%. Provident Financial Services’s payout ratio is currently 60.00%.

Analyst Ratings Changes

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

Get Our Latest Stock Report on PFS

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the transaction, the director now directly owns 9,475 shares of the company’s stock, valued at $169,223.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

Several institutional investors have recently added to or reduced their stakes in PFS. Advisor Group Holdings Inc. raised its holdings in 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 valued at $42,000 after acquiring an additional 470 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Provident Financial Services by 19.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,296 shares of the savings and loans company’s stock valued at $288,000 after acquiring an additional 1,986 shares in the last quarter. Citigroup Inc. raised its holdings in Provident Financial Services by 6.4% in the first quarter. Citigroup Inc. now owns 67,130 shares of the savings and loans company’s stock valued at $1,571,000 after acquiring an additional 4,031 shares in the last quarter. Natixis Advisors L.P. raised its holdings in Provident Financial Services by 45.3% in the first quarter. Natixis Advisors L.P. now owns 15,646 shares of the savings and loans company’s stock valued at $366,000 after acquiring an additional 4,877 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in Provident Financial Services by 69.9% in the first quarter. Bank of Montreal Can now owns 36,093 shares of the savings and loans company’s stock valued at $855,000 after acquiring an additional 14,853 shares in the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

About Provident Financial Services

(Get Free Report)

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.

See Also

Earnings History for Provident Financial Services (NYSE:PFS)

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