Provident Financial Services (NYSE:PFS) Announces Earnings Results, Misses Estimates By $0.08 EPS

Key Points

• Provident Financial Services reported quarterly EPS of $0.53, missing analysts’ consensus estimate of $0.61 by $0.08. The company posted an 11.00% return on equity and a 22.15% net margin.
• PFS shares fell $0.14 to $23.09 following the results. The stock has a market capitalization of approximately $3.01 billion and trades at a P/E ratio of 9.62.
• The company declared a quarterly dividend of $0.24, equivalent to $0.96 annually and a 4.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $26.79, while insiders sold 79,166 shares worth about $1.86 million in the latest quarter.

Provident Financial Services (NYSE:PFS - Get Free Report) posted its quarterly earnings results on Wednesday. The savings and loans company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.08), Zacks reports. Provident Financial Services had a return on equity of 11.00% and a net margin of 22.15%.

Provident Financial Services Stock Performance

Shares of PFS stock traded down $0.14 on Wednesday, hitting $23.09. The company's stock had a trading volume of 811,039 shares, compared to its average volume of 943,189. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.03 and a current ratio of 1.03. The stock's 50 day moving average is $22.93 and its 200-day moving average is $22.57. Provident Financial Services has a fifty-two week low of $17.70 and a fifty-two week high of $25.49. The company has a market capitalization of $3.01 billion, a PE ratio of 9.62 and a beta of 0.83.

Provident Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, August 14th. Provident Financial Services's payout ratio is presently 40.00%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PFS. DA Davidson set a $26.00 price objective on Provident Financial Services in a research report on Friday, July 31st. Piper Sandler reissued an "overweight" rating and set a $29.00 target price (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a research note on Monday, August 3rd. Hovde Group raised their price target on Provident Financial Services from $26.50 to $28.50 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Weiss Ratings raised Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Provident Financial Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.79.

Insiders Place Their Bets

In other Provident Financial Services news, EVP James Christy sold 3,000 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $23.36, for a total transaction of $70,080.00. Following the transaction, the executive vice president owned 43,083 shares in the company, valued at $1,006,418.88. This represents a 6.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas Shara sold 40,266 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $23.06, for a total value of $928,533.96. Following the transaction, the director owned 382,911 shares in the company, valued at approximately $8,829,927.66. This trade represents a 9.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,166 shares of company stock worth $1,856,284 in the last quarter. 3.02% of the stock is currently owned by corporate insiders.

About Provident Financial Services

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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