Provident Financial Services, Inc. (NYSE:PFS) to Post Q2 2024 Earnings of $0.15 Per Share, DA Davidson Forecasts

Provident Financial Services, Inc. (NYSE:PFS) – Equities researchers at DA Davidson issued their Q2 2024 earnings estimates for Provident Financial Services in a report released on Tuesday, April 23rd. DA Davidson analyst M. Navas expects that the savings and loans company will earn $0.15 per share for the quarter. DA Davidson currently has a “Buy” rating and a $20.00 target price on the stock. The consensus estimate for Provident Financial Services’ current full-year earnings is $1.63 per share. DA Davidson also issued estimates for Provident Financial Services’ FY2024 earnings at $1.75 EPS.

PFS has been the subject of a number of other research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a report on Tuesday, March 26th. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet lowered 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 upped their target price on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy 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 $19.00.

Provident Financial Services Trading Down 2.3 %

Shares of PFS opened at $15.20 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.25. Provident Financial Services has a 12-month low of $13.21 and a 12-month high of $19.62. The firm has a 50-day moving average price of $14.74 and a 200 day moving average price of $15.66. The firm has a market capitalization of $1.15 billion, a P/E ratio of 9.50 and a beta of 1.07.

Provident Financial Services (NYSE:PFS) last released its earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The business had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year.

Provident Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, April 29th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, April 26th. This represents a $0.96 annualized dividend and a dividend yield of 6.32%. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Insider Transactions at Provident Financial Services

In other news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the sale, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

Several hedge funds have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. increased its stake in Provident Financial Services by 23.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 18,643 shares of the savings and loans company’s stock valued at $272,000 after purchasing an additional 3,557 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Provident Financial Services in the fourth quarter valued at approximately $336,000. PNC Financial Services Group Inc. increased its stake in Provident Financial Services by 7.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 71,543 shares of the savings and loans company’s stock valued at $1,290,000 after purchasing an additional 4,789 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in Provident Financial Services in the fourth quarter valued at approximately $5,873,000. Finally, RMB Capital Management LLC increased its stake in Provident Financial Services by 12.8% in the fourth quarter. RMB Capital Management LLC now owns 300,000 shares of the savings and loans company’s stock valued at $5,409,000 after purchasing an additional 34,094 shares during the last quarter. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Company Profile

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.