Provident Financial Services, Inc. (NYSE:PFS) - Stock analysts at Boenning Scattergood decreased their Q2 2021 earnings per share estimates for Provident Financial Services in a research note issued on Monday, May 3rd. Boenning Scattergood analyst E. Zwick now expects that the savings and loans company will post earnings of $0.45 per share for the quarter, down from their prior estimate of $0.46. Boenning Scattergood currently has a "Neutral" rating on the stock. Boenning Scattergood also issued estimates for Provident Financial Services' FY2021 earnings at $1.96 EPS and FY2022 earnings at $1.80 EPS.
Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Provident Financial Services from a "hold" rating to a "buy" rating and set a $20.00 price objective on the stock in a research note on Wednesday, February 3rd. Barclays restated an "overweight" rating on shares of Provident Financial Services in a report on Monday, February 22nd. Finally, Royal Bank of Canada upgraded Provident Financial Services from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $23.00 to $26.00 in a research report on Thursday, March 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Provident Financial Services has a consensus rating of "Buy" and a consensus target price of $20.33.
NYSE PFS opened at $24.76 on Thursday. Provident Financial Services has a 52 week low of $10.55 and a 52 week high of $24.90. The stock has a fifty day moving average of $22.99 and a 200-day moving average of $19.12. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $1.93 billion, a P/E ratio of 20.30 and a beta of 1.04. Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Thursday, April 29th. The savings and loans company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.20. The company had revenue of $100.53 million during the quarter, compared to analysts' expectations of $111.37 million. Provident Financial Services had a return on equity of 5.64% and a net margin of 19.45%. Provident Financial Services's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 earnings per share.
Several hedge funds have recently modified their holdings of the stock. CWM Advisors LLC increased its holdings in Provident Financial Services by 26.3% in the 1st quarter. CWM Advisors LLC now owns 23,104 shares of the savings and loans company's stock valued at $515,000 after buying an additional 4,814 shares during the period. Dupont Capital Management Corp increased its position in Provident Financial Services by 8.4% during the 1st quarter. Dupont Capital Management Corp now owns 56,271 shares of the savings and loans company's stock worth $1,254,000 after purchasing an additional 4,376 shares in the last quarter. Handelsbanken Fonder AB bought a new position in Provident Financial Services in the 1st quarter valued at approximately $209,000. CWM LLC grew its stake in shares of Provident Financial Services by 12.6% during the first quarter. CWM LLC now owns 88,760 shares of the savings and loans company's stock worth $1,978,000 after buying an additional 9,943 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of Provident Financial Services in the 1st quarter valued at $86,000. Institutional investors and hedge funds own 61.48% of the company's stock.
In related news, EVP James A. Christy sold 4,000 shares of the business's stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $23.37, for a total value of $93,480.00. Following the completion of the sale, the executive vice president now directly owns 27,227 shares in the company, valued at approximately $636,294.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.40% of the company's stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 28th. Stockholders of record on Friday, May 14th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, May 13th. Provident Financial Services's dividend payout ratio is presently 52.87%.
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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.
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