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

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

Provident Financial Services Stock Performance

Shares of PFS stock opened at $14.46 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.07 and a current ratio of 1.07. Provident Financial Services has a one year low of $13.21 and a one year high of $19.62. The company’s 50-day simple moving average is $14.75 and its 200-day simple moving average is $15.65. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 9.04 and a beta of 1.07.

Provident Financial Services Announces Dividend

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

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction dated 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 owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Several large investors have recently modified their holdings of the stock. Federated Hermes Inc. lifted its holdings in 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 acquiring an additional 1,065 shares during the last quarter. Advisor Group Holdings Inc. lifted 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 worth $42,000 after acquiring an additional 470 shares during the last quarter. Point72 Europe London LLP bought a new position in Provident Financial Services in the fourth quarter worth about $43,000. Point72 Middle East FZE bought a new position in Provident Financial Services in the fourth quarter worth about $43,000. Finally, First Manhattan Co. lifted its holdings 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 worth $45,000 after acquiring an additional 1,100 shares during the last quarter. Institutional investors own 71.97% of the company’s stock.

Wall Street Analyst Weigh In

PFS has been the subject of several recent research reports. DA Davidson lowered their price target on Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, March 28th. 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 report 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 report on Tuesday, March 26th. Finally, TheStreet cut shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.50.

Check Out Our Latest Report on Provident Financial Services

Provident Financial Services Company Profile

(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.

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Earnings History for Provident Financial Services (NYSE:PFS)

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