Provident Financial Services (NYSE:PFS) Announces Earnings Results

Provident Financial Services (NYSE:PFS) posted its quarterly earnings data on Friday. The savings and loans company reported $0.43 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 company had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same period in the prior year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was down 12.3% on a year-over-year basis.

Provident Financial Services Price Performance

Shares of PFS opened at $14.46 on Friday. The firm has a market cap of $1.09 billion, a PE ratio of 9.04 and a beta of 1.07. The firm’s 50 day moving average price is $14.75 and its 200 day moving average price is $15.65. 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 twelve month low of $13.21 and a twelve month high of $19.62.

Provident Financial Services Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. TheStreet lowered shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods reduced their price target 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. Royal Bank of Canada reduced their price target 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. Finally, DA Davidson reduced their price target on shares of 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 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’s stock. According to MarketBeat, Provident Financial Services currently has a consensus rating of “Hold” and an average price target of $17.50.

Insider Activity at Provident Financial Services

In related news, Director Robert Mcnerney sold 5,000 shares of the firm’s stock in a transaction that occurred 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 owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its position in Provident Financial Services by 132.8% during the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock valued at $36,000 after acquiring an additional 1,065 shares in the last quarter. Advisor Group Holdings Inc. grew its holdings in Provident Financial Services by 35.7% during 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 purchasing an additional 470 shares during the last quarter. Point72 Europe London LLP acquired a new position in Provident Financial Services during the fourth quarter valued at approximately $43,000. Point72 Middle East FZE acquired a new position in Provident Financial Services during the fourth quarter valued at approximately $43,000. Finally, First Manhattan Co. grew its holdings in Provident Financial Services by 106.8% during the fourth quarter. First Manhattan Co. now owns 2,130 shares of the savings and loans company’s stock valued at $45,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors 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.