Q2 2024 Earnings Forecast for Provident Financial Services, Inc. Issued By DA Davidson (NYSE:PFS)

Provident Financial Services, Inc. (NYSE:PFS - Free Report) - Investment analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Provident Financial Services in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst M. Navas expects that the savings and loans company will post earnings of $0.15 per share for the quarter. DA Davidson currently has a "Buy" rating and a $20.00 target price on the stock. The consensus estimate for Provident Financial Services' current full-year earnings is $1.53 per share. DA Davidson also issued estimates for Provident Financial Services' FY2024 earnings at $1.75 EPS.

Provident Financial Services (NYSE:PFS - Get Free Report) last announced its quarterly earnings results on Friday, April 19th. The savings and loans company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. The firm had revenue of $114.48 million for the quarter, compared to analysts' expectations of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The company's revenue was down 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

PFS has been the topic of a number of other research reports. Royal Bank of Canada upped their target price on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Monday. TheStreet cut shares of Provident Financial Services from a "b-" rating to a "c+" rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a "market perform" rating on the stock in a research report on Tuesday, March 26th. Finally, StockNews.com upgraded shares of Provident Financial Services from a "sell" rating to a "hold" rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Provident Financial Services Trading Up 0.1 %

NYSE PFS traded up $0.02 during trading hours on Wednesday, reaching $15.54. The company had a trading volume of 1,150,553 shares, compared to its average volume of 714,185. The stock has a 50-day moving average of $14.75 and a 200 day moving average of $15.66. Provident Financial Services has a 1-year low of $13.21 and a 1-year high of $19.62. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $1.17 billion, a P/E ratio of 9.71 and a beta of 1.07.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, April 29th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a yield of 6.18%. Provident Financial Services's dividend payout ratio (DPR) is presently 60.00%.

Insiders Place Their Bets

In related news, Director Robert Mcnerney sold 5,000 shares of the company's 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 sale, the director now directly owns 9,475 shares in the company, valued at $169,223.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.44% of the company's stock.

Institutional Trading of Provident Financial Services

Hedge funds have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC raised its holdings in Provident Financial Services by 17,508.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company's stock valued at $38,000 after acquiring an additional 2,101 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Provident Financial Services by 1,728.7% in the fourth quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company's stock valued at $132,000 after acquiring an additional 6,932 shares in the last quarter. Oak Thistle LLC acquired a new stake in Provident Financial Services in the fourth quarter valued at approximately $202,000. Orion Portfolio Solutions LLC raised its holdings in Provident Financial Services by 8.9% in the third quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company's stock valued at $221,000 after acquiring an additional 1,184 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Provident Financial Services by 41.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,016 shares of the savings and loans company's stock valued at $230,000 after acquiring an additional 4,403 shares in the last quarter. Institutional investors and hedge funds own 71.97% of the company's stock.

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.