Provident Financial Services (NYSE:PFS) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Provident Financial Services (NYSE:PFS) posted its quarterly earnings results on Thursday. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03, Briefing.com reports. Provident Financial Services had a net margin of 18.46% and a return on equity of 7.88%. The business had revenue of $114.48 million during the quarter, compared to the consensus estimate of $114.50 million. During the same quarter last year, the firm posted $0.54 EPS. Provident Financial Services’s revenue was down 12.3% compared to the same quarter last year.

Provident Financial Services Stock Performance

NYSE:PFS opened at $13.75 on Friday. The firm has a market cap of $1.04 billion, a PE ratio of 8.04 and a beta of 1.07. Provident Financial Services has a fifty-two week low of $13.22 and a fifty-two week high of $19.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.07 and a current ratio of 1.07. The business has a 50 day moving average price of $14.78 and a 200-day moving average price of $15.65.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.98%. The ex-dividend date of this dividend was Thursday, February 8th. Provident Financial Services’s dividend payout ratio (DPR) is presently 56.14%.

Wall Street Analyst Weigh In

PFS has been the topic of a number of analyst reports. Keefe, Bruyette & Woods cut their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a report on Tuesday, March 26th. DA Davidson cut their price target on shares of Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, March 28th. TheStreet downgraded shares of Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Finally, Royal Bank of Canada cut 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, April 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.50.

Insider Activity

In related news, Director Robert Mcnerney sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the transaction, the director now owns 9,475 shares in the company, valued at $169,223.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.29% of the company’s stock.

Hedge Funds Weigh In On Provident Financial Services

Institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. raised its holdings in Provident Financial Services by 35.7% in the first quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock worth $42,000 after purchasing an additional 470 shares in the last quarter. Federated Hermes Inc. raised its holdings in Provident Financial Services by 132.8% in the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock worth $36,000 after purchasing an additional 1,065 shares in the last quarter. Point72 Middle East FZE bought a new position in Provident Financial Services in the fourth quarter worth $43,000. First Manhattan Co. raised its holdings in Provident Financial Services by 106.8% in the fourth quarter. First Manhattan Co. now owns 2,130 shares of the savings and loans company’s stock worth $45,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Point72 Europe London LLP bought a new position in Provident Financial Services in the fourth quarter worth $43,000. Institutional investors own 71.97% of the company’s stock.

About Provident Financial Services

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.