Provident Financial Services, Inc. (PFS) Plans $0.20 Quarterly Dividend
Provident Financial Services, Inc. (NYSE:PFS) declared a quarterly dividend on Thursday, January 25th, Zacks reports. Investors of record on Thursday, February 15th will be paid a dividend of 0.20 per share by the savings and loans company on Wednesday, February 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend is Wednesday, February 14th.
Provident Financial Services has increased its dividend payment by an average of 9.1% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Provident Financial Services has a payout ratio of 51.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Provident Financial Services to earn $1.83 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 43.7%.
Shares of Provident Financial Services (NYSE:PFS) traded up $0.06 during trading on Friday, reaching $25.20. The company had a trading volume of 48,002 shares, compared to its average volume of 192,653. Provident Financial Services has a one year low of $23.19 and a one year high of $28.76. The company has a market cap of $1,706.62, a PE ratio of 17.37, a P/E/G ratio of 1.83 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.08 and a debt-to-equity ratio of 1.36.
In other news, Director Carlos Hernandez sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $27.58, for a total transaction of $82,740.00. Following the completion of the transaction, the director now owns 81,958 shares in the company, valued at $2,260,401.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank L. Fekete sold 9,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $27.33, for a total value of $245,970.00. Following the transaction, the director now owns 48,903 shares of the company’s stock, valued at approximately $1,336,518.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,175 shares of company stock valued at $608,286. Company insiders own 2.90% of the company’s stock.
A number of equities research analysts have commented on PFS shares. Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Wednesday, November 1st. Sandler O’Neill raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Friday, January 26th. ValuEngine cut Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a report on Friday, October 27th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $28.50 price target on shares of Provident Financial Services in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Provident Financial Services has a consensus rating of “Hold” and a consensus target price of $28.42.
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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