Brokerages forecast that Provident Financial Services, Inc. (NYSE:PFS) will post earnings per share (EPS) of $0.39 for the current quarter, Zacks reports. Two analysts have made estimates for Provident Financial Services’ earnings, with the lowest EPS estimate coming in at $0.38 and the highest estimate coming in at $0.39. Provident Financial Services reported earnings per share of $0.35 during the same quarter last year, which would suggest a positive year-over-year growth rate of 11.4%. The company is scheduled to announce its next earnings report before the market opens on Friday, January 26th.
On average, analysts expect that Provident Financial Services will report full year earnings of $1.55 per share for the current financial year, with EPS estimates ranging from $1.54 to $1.55. For the next fiscal year, analysts forecast that the company will post earnings of $1.70 per share, with EPS estimates ranging from $1.58 to $1.90. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Provident Financial Services.
Provident Financial Services (NYSE:PFS) last posted its earnings results on Friday, October 27th. The savings and loans company reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.04. The company had revenue of $85.32 million for the quarter, compared to the consensus estimate of $83.84 million. Provident Financial Services had a return on equity of 7.61% and a net margin of 25.90%. During the same period in the previous year, the business earned $0.36 earnings per share.
A number of analysts have commented on PFS shares. Zacks Investment Research downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a research report on Thursday, September 28th. Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a report on Friday, October 27th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $28.50 price target on shares of Provident Financial Services in a report on Wednesday, November 1st. ValuEngine cut Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Finally, Sandler O’Neill cut Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. Provident Financial Services currently has an average rating of “Hold” and an average target price of $28.30.
Provident Financial Services (PFS) traded up $0.03 on Thursday, reaching $28.03. The company’s stock had a trading volume of 131,505 shares, compared to its average volume of 191,471. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $1,863.35, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 1.65 and a beta of 0.97. Provident Financial Services has a one year low of $23.19 and a one year high of $28.76.
The business also recently declared a special dividend, which was paid on Friday, December 22nd. Stockholders of record on Friday, December 8th were issued a $0.15 dividend. The ex-dividend date was Thursday, December 7th. This represents a dividend yield of 3.01%. Provident Financial Services’s dividend payout ratio (DPR) is 52.98%.
In related news, EVP Donald W. Blum sold 6,100 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $28.47, for a total value of $173,667.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank L. Fekete sold 9,000 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $27.33, for a total value of $245,970.00. Following the completion of the transaction, the director now owns 48,903 shares of the company’s stock, valued at $1,336,518.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,175 shares of company stock valued at $690,186. Insiders own 2.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its stake in Provident Financial Services by 9.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 331,707 shares of the savings and loans company’s stock worth $8,419,000 after acquiring an additional 29,986 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Provident Financial Services during the second quarter worth about $118,000. Legal & General Group Plc increased its stake in Provident Financial Services by 9.0% during the second quarter. Legal & General Group Plc now owns 120,032 shares of the savings and loans company’s stock worth $3,045,000 after acquiring an additional 9,905 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Provident Financial Services by 56.8% during the second quarter. BNP Paribas Arbitrage SA now owns 22,089 shares of the savings and loans company’s stock worth $561,000 after acquiring an additional 8,003 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Provident Financial Services by 8.1% during the second quarter. Victory Capital Management Inc. now owns 31,655 shares of the savings and loans company’s stock worth $803,000 after acquiring an additional 2,364 shares during the last quarter. Hedge funds and other institutional investors own 63.67% of the company’s stock.
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About Provident Financial Services
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.
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