Skip to main content

Boenning Scattergood Weighs in on Provident Financial Services, Inc.'s Q2 2021 Earnings (NYSE:PFS)

Last updated on Thursday, May 6, 2021 | 2021 MarketBeat

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.

Read More: What does the Dow Jones Industrial Average (DJIA) measure?

Earnings History and Estimates for Provident Financial Services (NYSE:PFS)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Featured Article: Growth Stocks, What They Are, What They Are Not


7 Stocks to Buy For the Gig Economy

Before the global pandemic, it was referred to as a side hustle—a way for some individuals to make a little extra money. However, as the pandemic has changed the nature of how we work, and as consumers how we spend, the gig economy has become an essential way of life for many workers.

There is much that’s not known about the long-term effects of the pandemic. But if there’s one lesson we learn from history, it’s that there will be ripple effects. We believe that society will get back to something resembling normal. However, what that normal looks like may be different.

Americans were becoming less social since before the pandemic. Now consumers have begun to realize there truly is no reason to leave their house to shop for anything. And while many crave physical connection during these times, there will be many that have changed their purchasing habits for good.

Other elements of the gig economy, such as ride-hailing and home rentals, were devastated due to the pandemic. Those businesses are likely to come back.

And that’s why companies that have created the gig economy aren’t going away anytime soon. In this special report, we’ll highlight several stocks that investors should consider as the gig economy moves forward.

View the "7 Stocks to Buy For the Gig Economy".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.