Brokerages forecast that Provident Financial Services, Inc. (NYSE:PFS) will post earnings of $0.45 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Provident Financial Services’ earnings, with the lowest EPS estimate coming in at $0.44 and the highest estimate coming in at $0.46. Provident Financial Services posted earnings of $0.38 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 18.4%. The firm is scheduled to report its next earnings report on Friday, July 27th.
According to Zacks, analysts expect that Provident Financial Services will report full year earnings of $1.82 per share for the current year, with EPS estimates ranging from $1.80 to $1.84. For the next year, analysts forecast that the firm will report earnings of $1.91 per share, with EPS estimates ranging from $1.90 to $1.92. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for Provident Financial Services.
Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Friday, April 27th. The savings and loans company reported $0.43 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.43. The company had revenue of $86.58 million for the quarter, compared to the consensus estimate of $86.38 million. Provident Financial Services had a return on equity of 7.89% and a net margin of 25.30%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.37 EPS.
A number of research analysts have recently weighed in on PFS shares. ValuEngine raised Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Zacks Investment Research downgraded Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, March 29th. Finally, Sandler O’Neill downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Provident Financial Services presently has a consensus rating of “Hold” and a consensus target price of $28.42.
In related news, Director Carlos Hernandez sold 3,600 shares of the company’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $27.93, for a total value of $100,548.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PFS. Schwab Charles Investment Management Inc. increased its position in shares of Provident Financial Services by 7.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 368,254 shares of the savings and loans company’s stock valued at $9,932,000 after buying an additional 26,149 shares in the last quarter. Aperio Group LLC increased its position in shares of Provident Financial Services by 19.1% in the 4th quarter. Aperio Group LLC now owns 18,614 shares of the savings and loans company’s stock valued at $502,000 after buying an additional 2,981 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Provident Financial Services in the 4th quarter valued at $596,000. California Public Employees Retirement System increased its position in shares of Provident Financial Services by 4.7% in the 4th quarter. California Public Employees Retirement System now owns 201,291 shares of the savings and loans company’s stock valued at $5,429,000 after buying an additional 8,952 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Provident Financial Services by 2.8% in the 4th quarter. Swiss National Bank now owns 107,500 shares of the savings and loans company’s stock valued at $2,899,000 after buying an additional 2,900 shares in the last quarter. Institutional investors and hedge funds own 64.43% of the company’s stock.
Shares of Provident Financial Services traded down $0.32, reaching $27.53, during trading hours on Friday, MarketBeat.com reports. The company had a trading volume of 305,533 shares, compared to its average volume of 182,255. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.24. The company has a market cap of $1.87 billion, a P/E ratio of 18.11, a price-to-earnings-growth ratio of 1.90 and a beta of 0.95. Provident Financial Services has a 1-year low of $23.26 and a 1-year high of $29.12.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Tuesday, May 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Monday, May 14th. Provident Financial Services’s dividend payout ratio is currently 52.63%.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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