DA Davidson Comments on Provident Financial Services, Inc.'s Q1 2024 Earnings (NYSE:PFS)

Provident Financial Services, Inc. (NYSE:PFS - Free Report) - Equities researchers at DA Davidson issued their Q1 2024 EPS estimates for shares of Provident Financial Services in a research note issued to investors on Tuesday, April 2nd. DA Davidson analyst M. Navas forecasts that the savings and loans company will earn $0.43 per share for the quarter. DA Davidson currently has a "Neutral" rating and a $15.00 target price on the stock. The consensus estimate for Provident Financial Services' current full-year earnings is $1.71 per share. DA Davidson also issued estimates for Provident Financial Services' FY2024 earnings at $1.55 EPS.

Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Friday, January 26th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.04). Provident Financial Services had a return on equity of 7.88% and a net margin of 18.46%. The business had revenue of $114.76 million during the quarter, compared to the consensus estimate of $114.30 million. During the same quarter last year, the company earned $0.66 EPS. Provident Financial Services's revenue for the quarter was down 13.3% on a year-over-year basis.

Several other research firms have also issued reports on PFS. Keefe, Bruyette & Woods reduced their target price 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. 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 reduced their target price on shares of Provident Financial Services from $21.00 to $19.00 and set an "outperform" rating for the company in a report on Tuesday, March 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.75.

Provident Financial Services Stock Performance

Shares of NYSE:PFS traded up $0.01 during trading on Friday, hitting $14.39. The company's stock had a trading volume of 923,737 shares, compared to its average volume of 655,569. The company has a 50-day moving average of $15.20 and a 200-day moving average of $15.74. Provident Financial Services has a 12 month low of $13.43 and a 12 month high of $19.62. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 8.42 and a beta of 1.07.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date of this dividend was Thursday, February 8th. Provident Financial Services's dividend payout ratio (DPR) is currently 56.14%.

Insider Buying and Selling at Provident Financial Services

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the sale, the director now directly owns 9,475 shares of the company's stock, valued at approximately $169,223.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.29% of the company's stock.

Institutional Investors Weigh In On Provident Financial Services

A number of institutional investors have recently added to or reduced their stakes in PFS. Norges Bank purchased a new position in shares of Provident Financial Services in the fourth quarter valued at $15,922,000. State Street Corp grew its holdings in shares of Provident Financial Services by 13.4% in the first quarter. State Street Corp now owns 3,953,765 shares of the savings and loans company's stock valued at $75,833,000 after purchasing an additional 466,497 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Provident Financial Services by 60.2% in the first quarter. Invesco Ltd. now owns 1,073,084 shares of the savings and loans company's stock valued at $25,110,000 after purchasing an additional 403,067 shares in the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Provident Financial Services in the fourth quarter valued at $5,873,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Provident Financial Services by 84.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 650,642 shares of the savings and loans company's stock valued at $11,731,000 after purchasing an additional 298,744 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

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.