Provident Financial Services (NYSE:PFS) Releases Quarterly Earnings Results

Provident Financial Services (NYSE:PFS) released its quarterly earnings results on Wednesday. The savings and loans company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04, Zacks reports. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%.

Provident Financial Services Stock Performance

Shares of NYSE PFS traded down $0.17 during midday trading on Wednesday, reaching $24.00. 1,254,009 shares of the stock were exchanged, compared to its average volume of 983,759. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 10.21 and a beta of 0.78. Provident Financial Services has a twelve month low of $17.61 and a twelve month high of $24.56. The firm has a 50-day simple moving average of $23.13 and a two-hundred day simple moving average of $22.21. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.03.

Provident Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.0%. The ex-dividend date was Friday, May 15th. Provident Financial Services’s dividend payout ratio is currently 40.85%.

Insider Activity

In related news, CEO George Lista sold 2,556 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the transaction, the chief executive officer directly owned 109,262 shares in the company, valued at $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.02% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in shares of Provident Financial Services by 1.0% during the 4th quarter. Russell Investments Group Ltd. now owns 45,333 shares of the savings and loans company’s stock worth $895,000 after acquiring an additional 456 shares in the last quarter. State of Wyoming increased its stake in shares of Provident Financial Services by 10.6% in the 4th quarter. State of Wyoming now owns 10,771 shares of the savings and loans company’s stock valued at $213,000 after purchasing an additional 1,031 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in Provident Financial Services by 4.7% in the 2nd quarter. EP Wealth Advisors LLC now owns 24,997 shares of the savings and loans company’s stock worth $438,000 after purchasing an additional 1,123 shares during the period. Glenmede Investment Management LP raised its holdings in Provident Financial Services by 8.1% in the 3rd quarter. Glenmede Investment Management LP now owns 15,784 shares of the savings and loans company’s stock worth $304,000 after purchasing an additional 1,187 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 1,210 shares in the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PFS shares. DA Davidson reaffirmed a “neutral” rating and set a $23.00 price target on shares of Provident Financial Services in a research report on Friday, May 1st. Keefe, Bruyette & Woods boosted their target price on Provident Financial Services from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Stephens initiated coverage on Provident Financial Services in a research note on Monday, June 8th. They issued an “equal weight” rating and a $24.00 price target for the company. Weiss Ratings raised Provident Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Raymond James Financial boosted their price target on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Provident Financial Services currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.