Provident Financial Services (NYSE:PFS) Releases Quarterly Earnings Results, Misses Estimates By $0.39 EPS

Provident Financial Services (NYSE:PFS) announced its quarterly earnings data on Thursday. The savings and loans company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.39), Briefing.com reports. The business had revenue of $141.51 million for the quarter, compared to the consensus estimate of $148.60 million. Provident Financial Services had a return on equity of 5.61% and a net margin of 9.38%. Provident Financial Services’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share.

Provident Financial Services Trading Up 2.4 %

Shares of PFS stock traded up $0.45 during trading hours on Friday, hitting $19.01. 1,089,187 shares of the company’s stock traded hands, compared to its average volume of 1,093,331. The stock has a market cap of $2.48 billion, a PE ratio of 11.88 and a beta of 1.03. The stock’s 50 day simple moving average is $14.98 and its 200 day simple moving average is $15.27. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.25. Provident Financial Services has a 12 month low of $13.07 and a 12 month high of $19.62.

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend is Friday, August 16th. Provident Financial Services’s payout ratio is 60.00%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PFS. Royal Bank of Canada decreased 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, July 9th. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Finally, DA Davidson upgraded Provident Financial Services from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.00 to $20.00 in a research note on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and an average price target of $18.75.

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.