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

Provident Financial Services (NYSE:PFS) released its quarterly earnings data on Thursday. 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. The firm had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a net margin of 18.46% and a return on equity of 7.88%. The company’s quarterly revenue was down 12.3% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share.

Provident Financial Services Trading Down 1.5 %

Provident Financial Services stock opened at $13.55 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. The stock has a market cap of $1.02 billion, a PE ratio of 8.04 and a beta of 1.07. The stock has a 50-day moving average of $14.78 and a two-hundred day moving average of $15.65. Provident Financial Services has a one year low of $13.22 and a one year high of $19.62.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.96 annualized dividend and a yield of 7.08%. Provident Financial Services’s dividend payout ratio (DPR) is 56.14%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the completion of the transaction, the director now directly owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of large investors have recently made changes to their positions in PFS. Federated Hermes Inc. raised its stake in Provident Financial Services by 132.8% in the 3rd 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. increased its holdings in shares of 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 purchasing an additional 470 shares during the period. Point72 Europe London LLP purchased a new position in shares of Provident Financial Services in the fourth quarter worth about $43,000. Point72 Middle East FZE acquired a new stake in shares of Provident Financial Services during the fourth quarter worth about $43,000. Finally, First Manhattan Co. boosted its position 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 valued at $45,000 after buying an additional 1,100 shares during the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.