Provident Financial Services, Inc (NYSE:PFS) Plans Quarterly Dividend of $0.24

Key Points

• Provident Financial Services declared a quarterly dividend of $0.24 per share, payable November 27 to shareholders of record November 13. The dividend is equivalent to $0.96 annually and yields approximately 4.1%.
• The dividend appears well covered, with a current payout ratio of 42.1% and an expected future payout ratio of 37.2% based on projected earnings.
• Provident exceeded quarterly earnings expectations, reporting $0.65 EPS versus the $0.61 consensus estimate, while revenue reached $238.53 million against estimates of $235.31 million.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.24 per share by the savings and loans company on Friday, November 27th. This represents a $0.96 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, November 13th.

Provident Financial Services has a payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Provident Financial Services to earn $2.58 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 37.2%.

Provident Financial Services Price Performance

PFS opened at $23.20 on Friday. Provident Financial Services has a 1 year low of $17.70 and a 1 year high of $25.49. The company's 50 day simple moving average is $22.89 and its 200 day simple moving average is $22.60. The stock has a market capitalization of $3.03 billion, a PE ratio of 9.71 and a beta of 0.83. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.03 and a current ratio of 1.03.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The savings and loans company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.61 by $0.04. The firm had revenue of $238.53 million during the quarter, compared to analyst estimates of $235.31 million. Provident Financial Services had a net margin of 21.73% and a return on equity of 10.81%. During the same quarter in the prior year, the business posted $0.55 earnings per share. As a group, sell-side analysts expect that Provident Financial Services will post 2.44 EPS for the current year.

Provident Financial Services Company Profile

Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community and commercial bank serving individuals, businesses and organizations. The bank provides checking and savings accounts, certificates of deposit, treasury management and other deposit products, along with residential mortgage, commercial real estate, commercial business and consumer lending.

Through its banking and wealth-management operations, Provident offers services that may include investment management, trust and fiduciary services, financial planning and insurance solutions.

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